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Consumers utilize mobile technology.

Whether it’s apps, websites, artificial intelligence or blockchain technology, the modern digital age is causing credit union leaders to take a deep dive into what their members’ digital experience means for business. For the vast majority (88%), this digital transformation is “extremely or quite important,” as CO-OP Financial Services found in its recent survey of 221 credit union leaders. Nearly half of the respondents felt their credit union provided an “inferior or far inferior” digital experience when compared to the digital leaders they identified as Amazon, Google, Facebook and Apple. Only 10% felt their credit union was “meeting the high standard they set.” Furthermore, 73% said their credit union is planning to increase budgets for digital initiatives in the next year to address this need.

The IBM Institute for Business Value has been studying this digital landscape. IBM surveyed 600 C-suite and line-of-business executives at companies pursuing a “reinvention” of the customer experience through a digital approach.  These companies from multiple regions and industries provide insights that are useful to any sector navigating this world. IBM highlighted how “Outperformers,” the 25% of companies that beat their competition in revenue and profit, demonstrate a particular regard for their employees and their organization’s culture in this time of rapid change.

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