The Pace of Change- Don’t Just Brace Yourself, Equip Yourself - Best Innovation Group > Media > Blog

Please Wait a Moment
X

Blog

09Mar

The Pace of Change- Don’t Just Brace Yourself, Equip Yourself

I think we can all agree that the pace of change impacting credit union operations in 2020 was- without the risk of hyperbole- unprecedented. Branches closed for extended periods. Employees performed core duties from home that conventional wisdom long held were impossible to move off premise. Members embraced digital channels at a rapid clip- often out of necessity, but with many ultimately deeming these newfound solutions useful if not downright preferable to their existing habits.

Now that vaccinations have kicked into high gear and a semblance of normalcy has appeared on the horizon, credit union leaders can heave a sigh of relief and enjoy a calmer 2021, right? Think again. The genie is out of the bottle, and the pace of change will not slow down. Members and employees alike have reset their expectations based on the experiences of the past year. Having successfully weathered COVID’s initial storm, leadership now faces the challenge of continuing to meet those expectations in a sustainable fashion.

Best Innovation Group is hosting a webinar on Thursday, March 18 to help credit unions navigate these challenges. The go-forward task is to determine which of the rapid innovations implemented in 2020 were short-term stopgap measures designed to get through the eye of the storm, and which have proven their value for the long haul (helpful hint: most probably fall in the latter group). Leadership then needs to optimize these breakthroughs for long-term efficiency, building supporting processes where necessary.

For instance, members’ branch usage patterns have likely permanently changed. What must credit unions do to preserve the member intimacy that serves as one of their longstanding strategic advantages, and how do they ensure continued insight into members’ “moment of truths” so they can be the first to offer loans and other needed products?

The trend toward digital channels has been underway for several years- the pandemic merely brought the issue front and center, accelerating its trajectory by months if not years. It’s clearer than ever that credit unions must up their digital game to compete with large bank competitors, especially now that more CU members have been exposed to digital solutions and found them appealing.

The path to an enhanced digital presence inevitably involves IT resources, but few if any credit unions are equipped to execute on this mission in isolation. Fortunately a growing number of fintech partners- many of which are organized as CUSOs- stand ready to assist on this front, in contrast to earlier stereotype of all fintech startups as predators to be avoided. The challenge comes in selecting the right fintech partnerships, and in developing sufficient internal knowledge of critical concepts like agile design, open APIs and SDKs.

Join BIG on Thursday March 18 to learn more about how to tackle these important issues. Ignoring the challenge won’t make it go away- but it could make your members go elsewhere.

  

About the Author

Related

Is Your Credit Union Leveraging Its Greatest Tool For Income And Profitability?

The future of your Credit Union depends upon how you adapt to the changing landscape of the financia...

Read More >
COVID’s Impacts Illustrate the Value of MemberPass in our New Normal

COVID’s Impacts Illustrate the Value of MemberPass in our New Normal

One of the most bizarre byproducts of the COVID-19 pandemic has been its effect on credit union bran...

Read More >

Offering Digital-Friendly Rewards To CU Card Holders

More and more purchasing and other financial transactions are moving online, and whether that means ...

Read More >

Credit Union Member Growth

Credit union membership growth! How do you measure it? It seems like a simple question, just like “...

Read More >

A Credit Union's Biggest Cultural Challenge: Its Smart Use Of Data

Many credit unions are successfully building the fundamental skills and infrastructure they need to ...

Read More >
2020’s Biggest Fintech Stories, Part 2- Gigs, Newly Chartered Waters, Credit Skirmishes

2020’s Biggest Fintech Stories, Part 2- Gigs, Newly Chartered Waters, Credit Skirmishes

Last week we recapped five of the most important fintech stories of the past year (don’t worry; non...

Read More >

About Us

Best Innovation Group, Inc is a technology innovation and development company catering to the financial industry. We invite you to join the hundreds of financial institutions that have already worked with our team of experts in designing technology solutions to fit their growing needs.

Contact Us

Toll Free:
877.244.4964
Office:
813.377.4963
Fax:
813.425.2390

To Subscribe To Our Mailer