Historically, credit unions create enormous value for their members compared to other financial institutions.
However, this is starting to change with the emergence of new technology. The banks and other institutions are fighting back through innovation. Even new startups are innovating to create value and make life easier for the average credit union member.
Credit unions need cost effective digital strategies to remain competitive and relevant in a digital age.
Contrary to popular belief, it is not expensive to get started on comprehensive digital strategies.
Yet a number of credit unions are rejecting digitisation because they have been doing things a certain way until now, why change?
Well, you will find that these types of credit unions usually have the same challenges. They 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 have created a three-step digital transformation strategy for Credit Unions:
- 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.
If you would like to get started on digital transformation for your credit union, then I can help.
Simply complete the form below and we will give your credit union a FREE digital strategy review.
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