According to Jamie Dimon, “Silicon Valley is good at getting rid of pain points. Banks are good at creating them.”
With the digital demands of credit union members advancing all around us, the question remains: how can we better address their “pain points,” and is the best approach evolution – or revolution?
While the cooperative nature of credit unions positions our industry well for tomorrow’s sharing economy, increasingly members expect us to respond to them at the speed of Uber. And, that requires us to identify and embrace the right innovations.
Recognizing True Innovation
Innovation always starts with a question. In the words of Jeff Stibel, renowned brain scientist, entrepreneur and venture capital investor, “evolutionary innovators ask questions based on the limitations of existing solutions; revolutionary innovators ask questions no one else has thought of.”
As an industry, we are called to do both. Not only are we tasked with assessing our strengths and pinpointing the immediate growth opportunities they present, but we are also challenged to dream big on behalf of our members, imagine new ways to meet their needs, and explore new pathways to further innovation.
According to CUNA and the Creative Awareness Advisory Group, evolving can be as simple as building on your core strengths: better rates, more community outreach, warmer, friendlier service practices, and other incremental improvements that nurture member relationships.
What the Modern Member Expects
With these pillars of service in place, credit unions must then “think outside the box” by taking inventory of what today’s consumer really expects from them – and then taking the right technological steps to get there.
The true scale and benefit of the credit union movement is realized through strategic, cutting-edge technological investment. Innovative areas such as AI and machine learning can revolutionize member experiences by both stamping out fraud and personalizing interactions. Digital P2P networks give consumers the instant gratification they crave by moving money in real time. Mobile banking apps turn every member’s smartphone into a magic wand of convenience and productivity.
To realize all the benefits of these and other innovations, though, a sound data strategy is essential, one based on tight integration across products, systems, applications and channels. Whether an idea is evolutionary or revolutionary, you need an integrated technological ecosystem and universal access to data to create the kind of seamless, fast and information-rich experiences members value.
Start a R(e)volution at THINK 18
The first step to starting your R(e)volution is a firm understanding of the technologies and environmental factors that will shape the future of your business. This year at THINK 18 we will be focusing an entire afternoon on the Credit Union (R)evolution during our Power Sprints breakout sessions. You will walk away with real-strategies that you can apply immediately to your business to enhance member engagement at every turn.
Collaboration is the cornerstone of our movement, and this spirit of cooperation is alive and well at THINK. This year’s conference will be our most dynamic yet, so bring your creativity, enthusiasm and curiosity, and together we’ll reach new milestones on our digital transformation journey.
Learn step-by-step how to digitally transform. Get the white paper: 7 Strategies to Accelerate Your Digital Transformation.
The original article How Digital Is Sparking a Credit Union (R)evolution can be found on Insight Vault.