Silos can occur in both large and small credit unions. No matter the size, they are detrimental to the ability of a credit union to succeed in a rapidly changing world. Silos can be vertical or horizontal. Individual business units can have high barriers between them or executives can be completely isolated from lower management levels. Once silos are embedded, they are hard to eradicate and become the natural way of doing business. A siloed credit union cannot act rapidly on new opportunities in a fast-changing business landscape, nor can it make productive decisions about how to change in order to seize these opportunities. Here are four things executives can do to increase integration in day-to-day operations:
- Develop a single articulation of business strategy.
- Establish and execute a full suite of metrics.
- Conduct management in the context of business strategy.
- Engage cross-functional teams to problem-solve.
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.