The events that have occurred so far in 2020 have triggered something of an inflection point for credit unions. The movement\u2019s foundational principles are more poignant and arguably needed more now than at any other time in our history. Ensuring the industry is well-positioned to help those who need us the most will require expansive thinkers who are ready to bring about real change \u2013 both for the movement and the people it serves. As such, we need to ask ourselves three critical questions:<\/p>\n
What does transformation mean for us?\u00a0<\/strong>America is in the midst of sweeping societal evolution. How can credit unions of all sizes smartly see around the corner and get in position to\u00a0help members prepare for what\u2019s next<\/a>? Digital and data transformation is not the exclusive domain of big banks and big tech \u2013 nor even just the largest credit unions. Small credit unions have just as much opportunity to become the nimble, digitally-forward and data-centric organizations today\u2019s consumers need to achieve financial success . . . even as the world as they know it is changed forever.<\/p>\n Is it better to build or buy?\u00a0<\/strong>Fintech ceased being a \u201cdisruption\u201d years ago; it\u2019s now the rule. Consumers expect hyper-personalized, predictive banking experiences, and that requires supreme data competency and access to sophisticated technology. Credit unions must confront an age-old question for a new era: Do we build or do we buy? Digital transformation calls on credit unions to be agile and capable of executing fast. Fintech partnerships with like-minded innovators can add a layer of agility over a solid member-centric foundation.<\/p>\n How do we innovate with intention?\u00a0<\/strong>The pace of innovation can detract from the root need for change. How can credit unions develop and fine-tune a strategy to stay focused on who and for what they are innovating? The people-helping-people spirit continues to ring true in the hearts and minds of the industry\u2019s leaders and the members it serves. As credit unions design their individual transformation roadmaps, it will be important to hold true to the movement\u2019s foundational principles.<\/p>\n
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