Action Guide: 6. Rethink business model and customer experience

Digital technology changes the way a credit union creates value. Digital value creation stems from new, network-centric ways your credit union connects with partners and members, offering new business combinations. Value is increasingly captured by new data, embedded and shared in your networks, with “network effects” growing value as the network expands. This means that business models are increasingly network-centric and data-driven. Opportunities for capturing the value a credit union creates is also expanding greatly, with big data insights, machine learning and actionable insights offering completely new ways to drive customized offers, efficiency and accuracy. An increasing portion of the value captured is also shared with partners, members, and community participants as the focus of any business model expands to business networks and communities. Delivering new business models requires adopting new operating models that change the very nature of the way credit unions explore new ground, experiment with new concepts, and deliver products and services to customers. Current uncertainties dictate that we must consider varying scenarios for the future, against which each business area should be assessed. No matter what scenario materializes and what trends call for alignment with your credit union business, each credit union needs to start preparing for imminent changes facing the financial services industry. This requires open and honest discussions about likely scenarios and the most suitable business model for your credit union.   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. Register now