Use Technology to Up Your Value Prop

Source: Filene Research Institute’s report “Data Analytics and the Future of Financial Services: Approaches, Insights, and Future Directions” by Cheri Speier-Pero

Over the last decade, technology has loomed large as a game-changer in the financial services industry. The rapid evolution of devices, providers and functionality has created new opportunities for credit unions to connect with members while simultaneously opening the door for new competition. For many credit unions, adapting to this new landscape has been a long-standing priority. New app development, new integrations and new core systems have become permanent fixtures on annual strategy plans.

A new sense of urgency was introduced last year when the COVID-19 pandemic pushed the pace of digital transformation across all industries. A McKinsey survey found that companies’ adoption of digital technologies sped up by three to seven years in a matter of months. Nearly two out of three executives said they will need to build a new digital business to stay economically viable by 2023. Beyond simply moving business lines to digital channels, it’s clear that digital technologies, and the ways consumers are using them, are driving fundamental changes in companies’ business models.