Thanks to the rapid evolution and adaptation of technology, business – even society – is changing faster than ever before. This transformation and its numerous layers and complexities can be intimidating for seasoned business executives, not to mention those just joining the credit union movement. With both the technology ecosystem and consumer expectations changing daily, how do we know when and where to “jump in”? Often, we are advised to start small, get some wins under our belt, make a case and then scale up, of course, avoiding commitment to budget-breaking, enterprise-shifting or far-ranging projects without doing some experimenting first. These are important guardrails but they shouldn’t hide an important truth: you need to start somewhere. “Wait and see” is no longer an option. Instead, we need to be “fast followers” that explore promising technologies and processes that will impact our credit unions’ success today. We need to take the first step. To test and prove it now. First, let’s start with our purpose, which is our members, and what we do know about their behavior and expectations:
- They are connected to more and more devices over longer periods of time.
- They are spending a greater share of their day connecting and engaging with their mobile devices, and consider them as a second, outsourced brain.
- They expect each technology engagement to be valuable and frictionless, and ultimately make their lives easier.
- Autonomous, self-driving automobiles.
- Artificial intelligence that will interact in a way that’s indistinguishable from actual humans, and even surpass us in areas such as medical diagnosis and treatment.
- Ambient computing and integration of Big Data much more into the fabric of our lives.
- Augmented and virtual banking experiences combining AI with personalized human-to-human experiences.
- Machine learning that produces hyper-targeted and personalized experiences across the entire member journey.
- A general lack of user privacy.