Every business is a digital business.
While it might be easiest to push the IT department to spark a digital transformation in your credit union, executives must get behind the idea that every business is a digital business if they want to adapt to shifts in the market. Digital transformations aren’t only for IT to lead: They require buy-in from every department with direct leadership at the C-suite level.
Customer-centric transformation is essential.
One key distinction between an IT-led digital transformation and a CMO-, CIO-, or CEO-led digital transformation is the focus on member needs. It’s becoming increasingly challenging for product development teams to innovate and find white space in the market. Because IT departments don’t have direct connections to consumers, they are often out of touch with member needs and ultimately will not lead the most successful digital transformations.
The digital transformation champion should be a person who has a close relationship with your members—preferably at the C-suite level. Having an executive with consumer needs at heart lead your digital transformation helps ensure your innovative projects make an impact in the market. However, simply appointing an executive champion isn’t enough. The executive who leads this project must inspire buy-in from everyone at the credit union to create a task force that supports a holistic digital transformation.
One executive champion can spark holistic buy-in, but each individual department needs a leader who can guide a digital transformation in the right direction. When adapting to digitization, there are five key departments that require transformational leaders:
Some sections of your credit union will be more crucial to your digital transformation success than others. For example, the success or failure of a new product could come down entirely to your marketing department. However, that doesn’t mean total company buy-in isn’t important.
Download the 10-Step Action Guide to Kickstart your Digital Transformation Journey.
Join us September 28 for the Digital Transformation Webinar Series: Grow Your Capacity for Change: How Credit Unions Can Thrive in Dynamic Markets.
CO-OP Financial Services partnered with NOBL, an Organizational Design Firm, to assess the readiness of credit unions for change. During this webinar, Bud Caddell, NOBL Founder, and Uwe Hook, Digital Transformation Consultant, will share with the audience an inside look at the opportunities and threats facing credit unions today, as well as first steps you can take to grow your capacity for change.