Play to members’ hearts, not just their wallets
Digital transformation and help from fintech will help credit unions provide people-first service in a post-pandemic future.
COVID-19 has forever changed the way we do business in nearly every industry, financial services included. In the second session of Directors & Dialogue December, hosted by CUES, finance and fintech expert Chris Skinner, chair of the European networking forum The Financial Services Club and chair of Nordic Finance Innovation, discussed how credit unions can adapt and grow digital strategy to be successful in a post-pandemic world without the big budgets of the mega banks.
A K-Shaped Recovery
Though politicians and business leaders have lamented the unexpectedness of the coronavirus pandemic, Skinner dismisses this as a sign of poor planning. “It was completely predictable. If you saw the 2012 movie Contagion with Jude Law, we all knew it was coming one day,” he said. “It’s just that we didn’t plan for it.”
Or at least, we didn’t plan for it the right way. Skinner noted that banks developing their business continuity plans focused too much on the physical aspect of operations. “They should have had a disaster recovery plan for if people had no office to go to, whereas their physical disaster recovery plan was to have another office.”
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