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Is your credit union’s “digital lending experience” just an online application or is it an extraordinary, end-to-end experience?

BIG Consulting in partnership with Trellance has recently completed a national survey on the state of the digital transformation in the CU industry. Findings: Credit Unions are at risk of losing their service and price advantage over banks because of falling behind in their transformation to a digital retail business model. The old model of in-person service is going the way of the department stores.

A CEO and consultant’s perspective on voice, AI and digital transformation.

BIG Consulting in partnership with Trellance has recently completed a national survey on the state of the digital transformation in the CU industry. Findings: Credit Unions are at risk of losing their service and price advantage over banks because of falling behind in their transformation to a digital retail business model. The old model of in-person service is going the way of the department stores.

Make no mistake a digital revolution is upon us and credit unions need to react and change in order to serve their members.

Digital transformation has revolutionized retail banking and data is the jet fuel for the seismic shift in the credit union business model. A data strategy is foundational for credit unions to compete in today’s digital world and is required to effectively implement a holistic platform of enhanced analytical decisioning. Business Intelligence and analytics (all powered by data) are cultural shifts analogous to moving from ledger cards to core technology platforms.

In my last two blogs, I described why credit unions should dominate their competition and local retail markets and why growth for growth’s sake will get them to the promised land.

Growth for Growth’s Sake is what every Credit Union should be seeking!

Credit Unions can, and should, be the dominant retail financial services provider in every market in the US.

In our last blog, we explored results from The National Survey on Credit Union Data Analytics and Decisioning Trends and touched on their implications.