"…. transformation isn’t about digitizing a channel or simply doing more things digitally. It’s a much broader scope than that. We’re really looking to improve and simplify customer “moments of truth”—and all the supporting processes that build a true omnichannel, world-class experience." Rob Roy, Chief Digital Officer at McKinsey
The ability to harness data, gain insights, and make impactful changes in members' lives. With this knowledge comes the ability to change, to innovate and improve processes. Allowing the credit union to get in front of the member and deliver what the member wants when they want it. This is the power to transform.
Transformation does not occur with the purchase of technology and a hand-off to IT. It is an enterprise endeavor. Paul Lenoradi, a University of California at Santa Barbara professor of technology management, describes this transformation as a "process that doesn't occur from sparkling rhetoric and bold promises,… but from decisions made by employees on the front lines."
Thomas Siebel, author of Digital Transformation: Survive and Thrive in an Era of Mass Extinction, has called transformation as the "next do-or-die imperative. How CEO's respond will determine whether their companies thrive or perish."
And, David Rogers, author of The Digital Transformation Playbook has identified the five domains of digital transformation as;
The credit union industry version of digital transformation is:
Identifying the "why" the credit union is harnessing the data
Creating a future state that can be achieved in a reasonable time frame and via a beneficial framework
Leverage internal and external talent to create a transformation village
Identify the members'financial goal
Identify friction, competition, and disruption in the member ecosystem
Envision a future member state and data use case
Assessing the data maturity of the credit union
Building a data governance foundation
Identifying the tools needed today and tomorrow
Building a data analytics consumption capability
Strengthening innovation processes and mindset
Creating valuable roadmaps
Building centers of excellence
Creating workplace adoption
The point here is just to start, not big or small, but start.
Looking for more ways that data can create revolutionary member relationships?
What is your DATA WHY? Like with all large initiatives, there has to be a vision statement. An example data vision statement is,
"To create revolutionary member relationships."
And yes, connecting enterprise data is the foundation to that, but the WHY is around impactful member engagement. The data vision should be clear and have the support of the organization.
Let THRIVE help you craft your Enterprise data vision. Email Anne at email@example.com to learn more.