Digital transformation is the hottest topic in executive circles now. In fact, we developed THINK 17 around this topic because it has become such a top priority for the C-Suite.
Why is digital transformation so important right now?
Reality is, the world is going digital. Yet too many businesses are unprepared. The technologies, skills, and internal processes many organizations have in place do not translate to a digital world. The modern credit union must go beyond simply adding new or improved digital channels for its members. To meet the challenges of today’s digital reality, credit unions must transform themselves. Eighty percent of global businesses view digital transformation as a priority. However, only 35 percent of global companies have developed a digital transformation strategy. That’s your opportunity:
- 32,000 retail bank customers globally found that key to winning, growing and retaining customers in an increasingly competitive banking environment was a great customer experience. A positive, digitally-enabled customer experience will enable you to serve your members as they wish to be served. (EY)
- 58 percent of organizations have failed to adapt their internal processes for digital. Streamlining operations saves time and money, and it allows your teams to be more efficient with their time. (McKinsey)
- Companies that have embraced digital transformation are 26 percent more profitable than their average industry competitors and enjoy a 12 percent higher market valuation. (Capgemini)
- Technology allows you to manage, use and exploit all the different digital channels and touchpoints available in this era of digital marketing.
- Only 39 percent of financial institutions have started to replace their legacy systems. (KPMG)
- Only 26 percent of people think their firm has the right mindset to survive and thrive in the digital age. (PA Consulting)
While the member-facing objective of a digital credit union is clear – being able to deliver a unified, omnichannel and extraordinary customer experience – the ultimate goal is to become a frictionless enterprise. Technology has resolved the outdated causes of friction: time, distance and lack of information.