As the end of 2020 comes into sight (60+ days), let's take a moment to think about our "firsts." You know, the first time you have done something. This year, while it has been filled with many not so pleasant first-time experiences and many unexpected and enjoyable ones.
Professionally, this year has really pushed work cultures to change. It has presented challenges that very few were prepared for. However, it also provided credit unions opportunities to rise to the occasion and show the market place what they can do.
Credit unions have helped members and communities in incredible ways. Please read, The power of A Credit Union HUG for a great example.
This year has also been exponential for the member digital experience from the credit union industry. Members have embraced online channels, adopting mobile applications, and are, for the majority, quite delighted to fund loans entirely online and engage in "zoom" banking.
Credit unions have also learned how to collaborate remotely online and make progress. They have also experienced online audits and core conversions. Let's be honest, no one could have predicted that online audits and conversions would have been part of the 2020 experience.
Research from both Gartner and Forester are predicting that many of these remote working environments and engaging online experiences are here to stay.
Credit Union "Seconds"
Wherever your credit union is in the digital journey, celebrate your "firsts" and leverage cultural change to fuel your "seconds." A credit union "second's" is the continuation of the transformation efforts that have started this year and embracing change as it's new normal'. This ability to pivot, improve processes, reduce member friction, and embrace change, are competitive advantages. But only if the culture sees them as such. The other competitive advantage of 2020 has been all the new data that has been generated from the shift to digital. Consumers are spending more online and, while doing that, are providing a credit union with more in-depth insight into their purchase behavior and, ideally, their financial needs.
An excellent example of this is mining ACH data for unemployment deposits. Identifying the members who are getting unemployment benefits and reaching out to them in ways only credit unions can (waving fees, creating personal budgets, and skipping payments) not only defines the credit union difference, it exemplifies it.
In the remaining days of this year, take a moment to capture your firsts and plan your seconds, your member will thank you!
Look before you buy?
Written for credit unions by a credit union expert, Big Data/Big Climb has been hailed as a "must-have". The book cuts through techno-jargon and translates data transformation concepts into a playbook filled with real-world examples, assessment guides, and other tools needed to reduce member friction, analyze actual competition, and identify disruption to improve the lives of its members and gain competitive advantage.
What if I want something more interactive than the book?
For the same time that it takes to enjoy your lunch, you could be learning how to build a culture of innovation. Click here to learn how to access the archived session on this topic.
Where can I find a partner that will leverage data to uncover new sources of revenue, reduce member friction, and build a data consumption capability?
Yep, that is what we do, of course, and so much more. To learn more, please review our consulting services.