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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.

In a perfect world, the reputation of any given credit union would precede it, and people would flock from far and wide to join. Not a dime would be spent on marketing.

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.

Innovation is one of those somewhat nebulous words that many of us use to describe what we do. Over the years, I’ve been involved in some very innovative creations that never actually went anywhere. It’s not because they weren’t really cool or didn’t have a sustainable business model.

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 our earlier posts, Part 1 and Part 2, we shared credit union trends revealed in the bi-annual survey conducted earlier this year by Information Builders’ partners Best Innovation Group (BIG) and OnApproach.

Caveat emptor. Let the buyer beware.