SRM Blog - The Bottom Line

Getting Digital Transformation Right

Written by Loretta Weller-Mowers | Feb 16, 2023 5:03:00 PM


In today’s digital age, credit unions must create an exceptional online experience for members across a spectrum of products and services. The ability to “humanize the digital experience” will shape how credit unions can anticipate and map out how members move across channels.

One of the biggest challenges credit unions face in achieving this is the struggle between “personalizing” and “standardizing” member service solutions. Standardization allows for scaling and automating processes, while personalization requires them to provide specific experiences unique to how a particular member wants to interact or transact.

The pace of technological change is one of the biggest challenges for financial institutions as they travel down the road to digital transformation. We emphasize four key principles derived from the digital strategy work we perform for our credit union clients.

Define a Clear Strategy: Credit unions should have a clear and adaptable strategy to keep up with technological advancements. The only way to keep up with the ever-changing landscape is to have the right talent – or outside support and expertise – with the right set of skills.

Begin with a Roadmap: Many credit unions tend to start their digital transformation journey without a clearly defined roadmap. Often, the goals are too broad and lack a clear vision of what digital transformation means to the organization. Taking the time early on to define the end goal will provide the compass your team needs to be successful.

Collaborate and Eliminate Silos: Progress will come slowly if a credit union’s business teams fail to work together effectively. There is a lack of collaboration and communication when silos exist. To integrate new digital processes across your workflows, the IT team must work side-by-side with department leaders.

Leverage Available Data: The role of data in digital transformation is significant. Data helps a credit union’s management team make informed decisions while formulating a digital strategy and understanding member preferences. Though member data is available on many systems within the organization, credit unions are not entirely confident of their data usage.

The Bottom Line

Near-term advances in digital member service technologies will allow for personalization, enhancing credit unions’ competitive position. Humanizing the digital experience can enable a cohesive experience that guides and supports members through every stage of their transactions and interactions.

To be successful, credit unions must take an experiential approach to member service and satisfaction by building new digital ways to interact with members on a human level. We are here to help you get started on the right foot and stay focused on the proper outcomes as you make this journey.