Leadership teams at most credit unions are seeing less contentment and satisfaction among members encountering digital banking environments that are five years behind what they get from today’s retail, travel and tech providers. Sound familiar?
While most, if not all, of these leadership teams want to meet and exceed members’ digital expectations, many struggle even to get a clean line of sight on where to start implementing the elements needed to reach these goals.
What’s more, the pandemic accelerated the adoption of a digital-first mentality in how consumers live their daily lives. This reality has increased the strategic value of technology that can change a “good enough” digital experience into a competitive differentiator.
Clues in the Data
Results from the Finaltyics.ai’s 2022 Credit Union Digital Maturity Index not only confirmed the presence of this struggle, but also offers some clues on how to beat the odds. The DMI was designed to measure the current state of digital in the credit union industry across multiple critical areas. The survey found that 86% of credit unions agreed that their competitive strategy is reliant on digital. However, most are not sufficiently prepared to leverage it. Below are some of additional findings:
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