Moving to a digital business model is a marathon, not a sprint. Depending on where you are in your digital journey determines where you need to start, but start you must. It might take five years to get where you want to go but it all begins with the first step. Here are some things to think about as you plan for 2021 and beyond:

What lessons has your credit union learned in 2020 about how your members prefer to do business and how your employees work? Are there things you want to continue post-pandemic? Many employees will expect the flexibility to work from home from now on. Is that something you are prepared to make happen long term?
Can your technology backbone support a robust digital offering? If you have not had your technology infrastructure assessed in a while, you should do that now. There have been major advancements in networking, virtualization and cloud platforms in recent years that most credit unions do not utilize. It makes no sense to spend lots of money on a cool piece of software if your network infrastructure cannot handle it.
Does your current core platform support full digital service to your members including digital signature capabilities, fully integrated digital banking, real-time payments, data analytics, and online account opening and lending? If not, look for a new one.
Do your internal processes create hurdles for a 100% digital service experience for your members? If so, they may need an overhaul.

The next three to five years will be pivotal for the credit union industry. The decisions we make as leaders will determine our ultimate success or failure. 2021 is the year to bring back the culture of creativity and innovation on which this industry was founded.

Instant Insights /

Leading Your Credit Union in a Post-COVID World

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