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Thought Leadership

Digital Transformation for a Successful Credit Union Member Experience

Having been in existence since the 1850s, credit unions are no strangers to business transformation. While business transformation is essential for survival, it’s also fundamentally risky, and digital transformation is no different. Digital transformations impact every aspect of the organization – systems, processes and people. These resources need to be introduced to these digital changes in ways that bring positive momentum and additional opportunities.

While you can wield the systems to operate in any way you choose, it is important to understand what the organization wants to achieve first, and what are the expectations and constraints. It then requires working with the organization’s customers, providers and employees to develop a proper strategy to meet the current and future needs of the organization.

Credit unions use a variety of systems to service their many members and onboard other financial services providers. Many of these are legacy systems that are not governed by any application, so they require a lot of time to input and retrieve information out of. Without automation, many business processes, such as processing and request and response routing, are a manual and time-intensive effort.

Implementing an external data exchange system and an internal interconnected data integration platform that serves all applications allows the credit unions to store data in a centralized environment, automate many of its processes, shorten timelines, reduce errors and increase efficiencies. Systems, infrastructure and architecture modernization is the most basic and essential step to start the digital transformation.

As credit unions continue to extend their outreach from brick and mortar physical branches to online banking, offering multiple services, they must future-proof their business in such a way that it can viably compete in the marketplace with much smaller, nimbler companies that are tailoring their offering to modern customer needs. Every transformation will look somewhat different for a given organization, but they will all follow the same steps: build a strategy, modernize systems, connect the organization together to better understand the customer, and gain insights into customers and the best ways to engage with them.

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