Skip to main content

Three Must Haves For 2022

Key Trend Summary

In 2022 members will expect to be able to access 75% of all banking services digitally.

Digital is the Branch

Unprecedented pace of adoption of full service digital banking by members fueled by pandemic.

  • Five years ago, credit unions saw about 15% of the business that was previously done in branches conducted through their digital channels.

  • Two years later, in 2018, 25% of members were using digital channels to match their needs with the institution’s offerings.

  • The Covid-19 pandemic accelerated this trend and in 2021 credit unions saw an average of 50% of their business coming through digital channels.

This trend toward full service digital banking will reach a tipping point in 2022. Members of credit unions will default primarily to digital channels when searching for solutions to match their financial needs.
 

Attributes of Winning Credit Unions

This tipping point will bring exponential growth to those credit unions that are embracing the combination of big data and artificial intelligence to orchestrate a unique journey for each member. These credit unions will exhibit the following characteristics.

  1. Cultural transformation will precede digital transformation. Winning credit unions will embrace the cultural transformation that must precede digital transformation to succeed. This is the foundation for redefining how value is delivered to members.

  2. Digital will be relational, not primarily transactional. Winning credit unions will be laser focused on augmenting existing digital platforms with technology that creates a relational rather than transactional digital experience.

  3. Intelligent AI and big data will be embraced. Winning credit unions will go beyond personalization and invest in machine learning AI and big data platforms capable anticipating member needs. ​

​​​​​​Summary 

By transforming their cultures, adopting a relational rather than transactional only approach to digital and leveraging emerging technologies to provide uniquely tailored advice and direction for their existing and prospect members, these winning credit unions will level the competitive landscape meeting and exceeding the value delivered by mega and digital-only banks.

Want to learn more about how Finalytics.ai is impacting CUs? Visit www.Finalytics.ai.

 

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Let the Truth be Told - Why a New NCUA Rule Could Jolt Credit Union Innovation

The National Credit Union Administration has finalized a rule to improve board and executive succession planning within the credit union industry. This strategic move aims to curb the trend of mergers driven by technological stagnation and poor succession strategies, ensuring more credit unions maintain their independence and enhance their technological capabilities. By Ken McCarthy, Manager of marketing communications at Tyfone Credit unions are merging out of existence because of an inability to invest in technology, the National Credit Union Administration Board wrote when introducing its now finalized rule on board succession planning. The regulator now requires credit unions to establish succession planning for critical positions in their organizations. But it’s likely to have even wider effects, such as preserving more independent charters and shaking up the perspectives of those on credit union boards. “Voluntary mergers can be used to create economies of scale to offer more or ...
Post a Comment
Read Complete Article HERE>»

Speakers & Sessions For NCOFCU 24 San Antonio TX.

National Council of Firefighter Credit Unions Inc (NCOFCU)  Speakers and Schedule! It is the National Council of Firefighter Credit Unions (NCOFCU) "GO TO Conference" for credit unions serving first responders! Who should attend? CEO's, VP's Directors and Staff See What's Planned Register Here! Bring your spouse, bring a guest to enjoy San Antonio, TX River Walk 4 Days Golf 16 + Sessions Alamo Reception Closing Dinner Right on the San Antonio River Walk Several Networking events Open Forums Idea Exchange Events Panel Discussions of CU Leaders National & Industry Speakers Trends in First-Responder Credit Unions Director & Volunteer Sessions Exhibitors ShowcaseAnd  So Much More! HOTEL REGISTER HERE
Post a Comment
Read Complete Article HERE>»

Armand Parvazi MBA CUDE - Last Friday marked his last day with New Orleans Firemen’s Federal Credit Union.

It’s been an incredible journey, but it’s bittersweet to announce that Friday marked my last day with New Orleans Firemen’s Federal Credit Union. We've accomplished so much together in my six years as Chief Administrative and Development Officer. Some of the highlights: Implemented a data-driven marketing strategy that delivers over 1,800% annual ROI. Developed automated triggers to ensure members receive the right offers at the right time. Grew assets by 61% and increased products per new member from 1.88 to 2.62. Converted online banking to enhance the member experience. Introduced a loan origination system for faster and more efficient loan processing. Transitioned to a mobile-first financial institution to meet members where they are. Pioneered the first Cancer Care loan pause program in the nation (in collaboration with Andy Janning ) Secured nearly $17 million in grants for our impactful work. Expanded our field of membership to 35 parishes and counties and added numerous fi...
Post a Comment
Read Complete Article HERE>»