October 16, 2015
Change is difficult and organizational wide transformations impact both business and people in many ways. If transformations are not done right the organization might suffer unsustainable impacts like employee attrition or business loss. Credit unions must go through these five key organizational changes before they start on their digital transformation journey to transform member and employee digital experience.
Credit union culture and people are unique and different when compared to rest of the corporate world, but in recent years, credit unions are operating and thinking like the rest of the world to stay competitive and relevant. Credit unions are service-orientated organizations. They have always valued in-person interaction and personal relationships with members due to the community nature of the credit unions. However, the member demographics are changing with the retirement of baby boomers and millennials joining the workforce.
Today’s members are busy and constantly on the move; they rarely visit the branch, but they expect their financial institutions to guide them through the financial journey and personalize their service to meet their personal needs. It is important for credit unions and their employees to understand this shift in members’ mindset and learn how to use digital channels to stay connected with the members while they nurture them digitally.
In fact, according to the Global Consumer Banking Survey 2014 conducted by Ernst & Young, 58% of those using financial services globally and 68% in North America use online/Internet as a communication channel more often than any other channel. Contrary to that, only 24% of financial services users globally and the same number in North America visit branches with the same frequency as they use online channels.