Financial institutions must also change their culture, organization and approach to budgeting
Why do so many digital transformations fail? Because digital technologies provide only the potential to increase efficiencies and improve the customer experience. However, as this Harvard Business Review article points out, if an organization lacks the right structure and culture, digital transformation will not only fail, it will magnify those flaws.
The success of your credit union depends upon your ability to do business with your members using the channel they prefer. With each year, those preferred channels are digital. That means when it comes to credit union digital transformation, failure is not an option.
To develop this whitepaper, CUES Supplier member Origence, a CU Direct brand, spoke with three credit unions that have successfully executed digital transformation and are already experiencing growth as a result. As is the case with credit unions, each cooperative represents different asset classes, serve different fields of membership and have unique legacies. And, they each focused on different mixes of technology to create customized member experiences that meet the needs of their unique markets.
What they didn’t do was let technology drive the future of their cooperatives. Instead, they used an opposite approach, first envisioning the credit union’s future and then making sure the people and processes fully supported that vision. That vision then drove which technology was used to transform the credit union. These successful credit unions view culture, organization and budgeting mindset as the three most important changes that need to take place to achieve digital transformation.