Paper Explores Seven Strategies for Credit Unions Evolving for Digital Consumers
CO-OP Financial Services has released a new white paper, “Seven Strategies to Accelerate Your Digital Transformation,” providing practical guidance for credit unions positioning themselves for growth in a digital world.
“While most financial services providers understand the ‘what and why’ of digital transformation, they are less comfortable with the ‘how,’” said Todd Clark, President/CEO, CO-OP. “We’ve seen firsthand the acceleration of the digital marketplace and understand that digital transformation is the only solution forward. This paper identifies seven essential strategies we’ve discovered through our own shift from a legacy organization to a digital-first, integrated ecosystem.”
Credit union leaders will learn why each of the strategies for accelerated digital transformation is critical to success in the digital era, as well as how to begin implementing them within their credit unions.
The seven strategies explored in the paper are:
Be Member-Centric. Being member-centric in the digital age means going beyond meeting expectations to surpassing and anticipating them.
Use Data to Optimize Engagement. Data analytics generates distinctive member profiles that inform hyper-personalized services.
Be Digitally Accessible. Open Application Program Interface (API) strategy and a strong click-and-mortar mix can help credit unions reach members through digital-first channels.
Drive Excellence through AI. Artificial intelligence and machine learning drive experiences and new data in real time.
Make Security as a Growth Driver. Design the security experience to be frictionless and anticipatory through a mix of cybersecurity and machine learning.
Integrate Channel Experiences. A seamless consumer experience at every touchpoint is a crucial retention tool and the primary reason people stay with their financial institution.
Embrace Platform Thinking: Behave as an Ecosystem. Innovate across channels and think at the platform level – embracing partnerships and delivering new services unique to the credit union movement.
The free white paper can be downloaded immediately at CO-OP’s white paper landing page.
In addition to the white paper, CO-OP is partnering with credit unions on their digital transformation through a variety of strategic counseling and educational opportunities. Among these opportunities is CO-OP’s 2018 “Roadshows,” taking place in various locations around the country throughout the summer and fall. To learn more about content and schedule, visit the Roadshows webpage.
About CO-OP Financial Services: CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.