Digital capabilities are now at the core of your credit union’s future. Yet many credit unions seeking to go digital are still unclear about the best way to set up their organizations and develop the tools and talent required to manage digital information, or establish and maintain online services and automated processes. Many of the critical resources required to facilitate this transition will not be available in-house. Some of the right talent may be in short supply. These are some of the specialists that are critical to developing successful digital offerings and channels:

• Product managers who are literate in cutting-edge technologies that can be used to reshape the member decision journey
• Experienced business and data analysts who can extract useful insights from member data
• User experience experts and design-oriented content managers who can ensure that the offerings will appeal to target audiences.

In general, start-ups and technology-oriented companies are better positioned to win the battle for digital experts with these skills because they can offer more diverse career paths and personal development in the field. We believe, as you do, that talent should be grown in-house. But developing the required capabilities in-house can take years. Your credit union must take a closer look at digitization targets, operating models and capability-building practices in the context of a two-speed architecture: one to maintain the current systems, the other one to develop your new offerings. In this way, they will be able to scale up nascent digital initiatives quickly and sustainably – accelerating the use of emerging technologies, aligning the fragmented activities being pursued by individual business groups, and developing vendor relationships that can evolve with customers’ changing needs. 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.