BY ROB VANASCO
Every credit union knows it needs to innovate. It is no secret that more and more members are demanding a digital experience in order to accomplish tasks faster and easier, or that self-service is the future and a digital marketing strategy needs to include mobile and voice. But figuring out exactly what a digital marketing strategy should look like is easier said than done. There is a broad landscape out there, and it can be overwhelming, not to mention there is the price tag to consider. Credit unions have to balance what is best for the member with the technical capabilities of their IT teams and cost to the bottom line.
All these considerations can bring progress to a standstill. Instead of acting, waiting for a cheaper, more obvious solution to come along may seem like the easier path forward. Meanwhile, opportunities to gain new members and improve the experience of existing members are missed, one after another.
What, then, is the biggest obstacle blocking the path to digital transformation? While a variety of factors – including time, money and resources – are partially responsible, the biggest culprit is “the why.” Defining the reason behind change creates a sense of urgency that is not present without it.
So how do we find the why?
It starts with the member.
Defining the Why
Recently, I had the opportunity to meet with a credit union and discuss how it was planning to improve its alerts and controls offerings. Instead of talking about a long list of alerts and how controls might help save money, and what it all might look like on web and mobile, we spent a good portion of our time talking about its members.