Racing to Excellence: How Digital Transformation Applies to You

March 20, 2018 Todd Clark

Digital transformation is bringing about big changes. The truly big story, of course, isn’t how sweeping digital transformation is in general, but instead how directly impactful it’s going to be for your credit union. Engineering digital transformation for credit unions is our focus at CO-OP. As we pull out the stops on innovation, we’re aware that it isn’t only the platforms and apps that matter, but how they apply to you.

Connecting innovation to application is constantly on our minds, especially as we head towards THINK 18, May 7-10, which is squarely focused on “how.” How does CO-OP play a role in digital transformation at the credit union level? How do the innovations we’ve put into motion translate into revenue and growth for you? How do we ensure that the profound changes we’re undergoing in our organization and industry are navigable – and therefore meaningful?

For the conference, we’ve created a new type of presentation to address the “hows.” In break-out sessions called Power Sprints, we’ll dive into CU-specific topics in a fast mix of lab sessions, chat rooms, foundational presentations, Q&A and panel discussions. Running Tuesday through Thursday, Power Sprints will cover:

  • Credit Union (R)evolution: THINK was created for the evolutionary revolutionary credit union executive, and this session will apply both approaches to today’s historic industry challenges.
  • Advancing Credit Unions Through AI: We’re going to demystify AI and machine learning, so you can take advantage of this transformational, and increasingly accessible, technology.
  • The Accelerating Payment Challenge: An exploration of the most impactful new technologies that are affecting your credit union right now.

All of this is designed to connect top-level ideas about digital transformation with real-world strategies you can put to work immediately, striking a balance between technology and the people-helping people touch that is the hallmark of credit unions.


Integration is Innovation

If you caught up with us at GAC a few weeks ago, you already know that “Integration Is Innovation” has become a mantra at CO-OP. By integrating our technology, networks, tools and solutions into one seamless and secure experience, CO-OP and our credit union partners will thrive.

Our new MyCO-OP client platform integrates our many networks and solutions into a single sign-on. We’re bringing our ecosystem together to create a single source of data, from which we’ll gather new business intelligence for you based on the 6.6 billion payments transactions we now process annually. Machine learning and predictive analytics to serve you are just around the corner. And, we’re developing new APIs to improve and enhance the user experience for you and your members.

The payoff for this work will be found as it becomes part of your digital story. Our Executive Management Team has been crisscrossing the country to ask about your successes, hear your questions and lend their expertise. Through our new Co-Creation Councils, we’re shaping our future together. The initial meetings of the councils in January generated more than 300 ideas touching on every aspect of our partnership. And, we have just launched on-line communities for each council, which will facilitate the true, ongoing collaboration we want to foster among our clients, and with CO-OP.


Racing to Excellence

As we venture deeper into another year of ambitious transformation, we’re always conscious of how our work drives transformation for credit unions. At GAC we shared seven strategies we believe credit unions should consider as you gear up for the digitalized future. At THINK 18, we will elaborate further on these strategies, which we recommend to you as the essence of “how” to digitally transform:

  1. Be Member-Centric. Live your mission in the place where credit unions dominate – “people helping people.”
  2. Use Data to Optimize Member Engagement. Personalize the experience and deliver customized banking at speed.
  3. Be Digitally Accessible. Open API strategy and a strong click-and-mortar mix help you reach members through digital-first channels.
  4. Drive Excellence through AI. Artificial intelligence and machine learning drive experiences and new data in real time.
  5. Make Security a Growth Driver. Design the security experience to be frictionless and anticipatory through a mix of cybersecurity and machine learning.
  6. Integrate Channel Experiences. A seamless consumer experience at every touchpoint is a crucial retention tool and the primary reason people stay with their financial institution.
  7. Behave as an Ecosystem. Innovate across channels and think at the platform level – embracing partnerships and delivering new services unique to the credit union movement.

We’re engaging these strategies as we follow our purpose, to create a digitally-transformed organization and, in turn, to facilitate change throughout the movement. Now more than ever, we’ll succeed together.

Credit unions have a profound advantage in the marketplace as we evolve toward a digitally-driven future: the trust of their members, a long history of collaboration and cooperation, and a commitment to acting in the best interest of the people they serve.

Now, we must “Race to Excellence” to capitalize. At THINK 18 we’re bringing together some amazing thinkers to provide an expansive vision of digital transformation. The big story isn’t that digital transformation is happening around us. We know that you and your credit union must be at the center of it.

Todd Clark

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