Updated: Sep 21, 2020
The pandemic has forced all of us to change, regardless if we like to or not. We have had to change the way we shop, socialize, entertain, work, and educate. While doing this, we have been given the opportunity to explore new ways of doing things, find out what we like about them, and evaluate if we should incorporate them into our everyday routine.
As members have been using more digital channels, they will also evaluate what behaviors they will want to change. According to a recent report by Gartner 100 Data and Analytics predictions through 2024, the gift to explore new ways will empower banking customers and erode traditional financial institutions value propositions.
Gartner predicts that by 2024, 10% of financial services institutions (FSIs) will open their vendors’ financial technology (fintech) ecosystem platforms to end clients, allowing them to create their own customized solutions.
While the thought of opening up technology to members to create their own solutions may seem a bit counter-intuitive, it is not entirely unheard of as many fintech companies currently give third-party developers access to their "sandbox" to test their applications to see how they work in a test environment, Why not do the same with members?
While this shakes the foundation of the way financial intuitions
currently make money provides an incentive to seek new and possibly revolutionary member-centric offerings that create a new business model.
Regardless of what has yet to be created, credit unions will need to create the capability to innovate. This is a growth mindset and will take time. We dive deep into building innovation as a capability in an article aptly titled the same thing.
Is there a book out there that can help me learn more about building innovation as a capability?
Written for credit unions by a credit union expert, Big Data/Big Climb: A credit Union playbook for leveraging data and talent to achieve revolutionary member relationship 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 about the elements of a disruption analysis. Click here to learn how to access the recorded session on this topic.
Does someone teach a credit union how to build innovation as a capability?
Of course, we do, and so much more. To learn more, please review our consulting services.
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