Changing Credit Unions through Technology: A Case Study.
“It is one thing to train people, it’s another to see them successfully apply the concepts to their businesses.”
Guyana Public Service Co-operative Credit Union (GPSCCU) is a Financial Institution in Guyana, South America that holds a portfolio of $30 million USD in assets.
Prior to 2017, GPSCCU never actively utilised technology or digital platforms.
As a result, they had some challenges; the same challenges faced by many credit unions today. These include: ageing membership, low number of active members, long loans processing times, defaults in payments, limited branches & geographical restrictions, poor customer services, environmentally unfriendly “paper-based” modes of operation, difficulty in managing savings & loans accounts in real-time, just to name a few.
We realised that almost all of the above could be addressed by incorporating effective digital Strategies and tech platforms towards value creation. Today, the average credit union member is always connected with technology – emails, social media, what’s app, search engines, mobile apps, websites etc.
“Credit unions must innovate on the same digital platforms utilised daily by their members to create and deliver more value to them.”
We strongly believe that Credit unions must leverage on emerging technology or face being disrupted by new players offering dynamic value proposition powered by technology and platform business models.
With this mindset, we created a three-step digital transformation strategy for for the Guyana Public Service Credit Union:
- Step 1: Training of key staff and managers on value Creation through tech and innovation, because they must understand the concepts and possibilities in order to buy into the overall strategy
- Step 2: Develop social media strategy and a website to automate several of their business processes
- Step 3: Full digitisation with AI-powered mobile banking, payment platforms amongst others.
We have achieved tremendous results so far, watch the video above other more directly from GPSCCU.
Christian can bring a dramatic change to your credit union or business through transformational training programmes and disruptive digital strategies.
Christian Junior is an Oxford certified, award-winning digital transformation strategist, listed amongst the top 100 BAME tech leaders in the UK by the Financial Times.
He has trained over 2,000 professionals and consulted for some of the world’s most reputable organisations.
If your credit union or financial institution is struggling to adopt technology, create new value, utilise social media, automate business processes, attract and acquire new customers then get in touch with me.
I will travel to anywhere in the world with an airport.
Tel: +44 333 011 5951