Second, where do we stand with respect to our technical capabilities? In this area, there are generally three types of credit unions that exist: innovators, imitators and laggards.

Innovators are fully integrated with strategic initiatives, hold a high degree of alignment with functional areas, have created shared understanding between technology capabilities and business needs, have a business-driven IT strategic plan, have developed technology excellence, employ a technology council as a decision-making body, prioritize their technology efforts, leverage technology as a competitive advantage, continuously exploit their technology investment, have achieved a high degree of information integration that approaches information superiority compared to peers, have greater customization, and enjoy optimized and automated processes in their value chain to enhance member experience and reduce costs. Also, the technology team exhibits proactive solutions delivery, high-quality repeatable processes and robust governance.
Imitators do not lead, but match or copy peers with average alignment to strategy and functional areas, moderate investment exploitation, have a basic technology roadmap, measure IT performance, may have a technology council, possess adequate utilization of information analytics, achieve typical automation levels, apply technology as a tool, and hold a mixture of off-the-shelf systems with some customization. Also, the technology team possesses problem-solving capabilities, some defined processes, and simple governance.
Laggards, as the name implies, have a low degree of alignment with strategy and functional areas, lack shared understanding, have no technology plan, decisions are made in isolation, information for decision-making is difficult or simply unavailable, a technology silo exists, technology investments are viewed as a necessity and rarely exploited to potential, technology is often behind and possibly obsolete, system stability may be an issue, responsibility for technology is often decentralized within the organization or delegated to vendors, manual tasks are the norm and the team is reactive, in order-taking mode, and functions without repeatable process or governance.

In conclusion, I have openly proposed more questions than answers for intentional reflection. Do views match capabilities? Do values match norms, beliefs and attitudes? Is your credit union an innovator, imitator or laggard? Once reflective clarity is obtained, senior leadership can decide if their current technology posture is adequate and acceptable for the future.

Instant Insights /

Technology: Innovators, Imitators and Laggards

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