The whole world is being transformed in the digital age. How is your credit union keeping pace? Consider these facts:
- 32,000 retail bank customers globally indicated that the key to winning, growing and retaining customers in an increasingly competitive banking environment is a great customer experience.
- 58 percent of financial institutions have failed to adapt their internal processes for digital.
- Companies that have embraced digital transformation are 26 percent more profitable than their average industry competitors and enjoy a 12 percent higher market valuation.
- 71 percent of respondents to a survey about financial services believed that legacy technology systems are holding their financial institutions back.
- Only 26 percent of the people who work at financial institutions think their firm has the right mindset to survive and thrive in the digital age.
Credit unions need to evolve to address the transformation of the business landscape. Digital transformation is defined as the acceleration of business activities, processes, competencies and models to fully leverage the changes and opportunities brought about by digital technologies and their impact in a strategic and prioritized way.
Is your credit union embracing digital transformation?
Digital transformation is business transformation, driven by technology innovations, member behavior and demand, as well as external environmental factors. According to Forrester, key drivers of digital transformation are profitability, customer satisfaction, and increased speed-to-market. Digital business transformation is the ultimate challenge in change management. It not only impacts structures and strategic positioning, but it also affects all levels of an organization.
Digital transformation doesn’t happen overnight. This year, THINK 17, the premiere credit union conference, will launch you on the trajectory toward becoming a digital powerhouse. We designed the conference around actionable digital insights that you can implement at your credit union immediately. THINK 17 is your opportunity to meet with peer executives, industry and digital experts, and start on your own transformation journey. Through speaker presentations, interactive breakout sessions and customized meeting opportunities, you will discover new insights, develop your own transformation strategy and unearth behavior patterns that will help your credit union to become more agile, collaborative and intrapreneurial.
Last but not least, CO-OP Financial Services’ new CEO Todd Clark will share his vision on how CO-OP will support industry transformation and the role CO-OP will play in guiding you through the evolution of transformed financial services.
The choice is yours: Transform, or you will be transformed.