What credit unions are getting right & wrong about digital evolution
Two experts say while most CUs are pursuing some sort of digital evolution, there are several areas that need improvement.
When Thomas McDermott, managing partner for the Milton, Ga.-based Inver Consulting Group, surveys a credit union’s digital state of affairs, he often starts by looking at its website. “That’s the biggest branch they have,” he said. “The website generally tells you how far along they are in their digital evolution.”
Of course, McDermott and industry pros like him don’t stop there. Websites aren’t the only way digital evolution is manifesting itself at credit unions, after all. Today, digital evolution encompasses mobile banking, data collection and analysis, core processing, marketing communications, human resources and virtually every other aspect of credit union management.
But for a variety of reasons, some credit unions are much farther down the digital evolution path than others. Here are three things that McDermott and Jon Ungerland, COO of digital services firm DaLand CUSO, said many credit unions seem to be doing right when it comes to keeping up with digital evolution, and four missteps they see many credit unions taking.
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