Scale is a competitive advantage, especially in today's market. With M&A activity expected to rise in 2024, which will shake up the market, and the growing reliance on digital channels among members, credit unions must remain strategic about their technology and innovation plans. PSCU executive, Scott Young explores this and other trends in a recent PYMNTS article. In it, he encourages credit unions to map out their member journeys to examine where there is friction or pain points that can be solved through innovation. “If a credit union can innovate and grow organic product penetration while having those digital tools ready to attract net new members — that’s a recipe for sustainability. Now is not the time to slow down or stop the pursuit of innovation,” says Young. Check out the full article here: https://lnkd.in/g8EUDdNu #CreditUnions #Innovation
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Over the past decade, Canadian credit unions have decreased by 37% as firms hope to improve their available technology and attract long-term members. In this article, Jens Rabe, Co-CEO of Unblu Inc., explores the real problem behind credit unions’ technology roadmap: when and where to invest. “Retail banks and credit unions must decide how and where to focus their efforts to achieve healthy customer acquisition costs while also maximising cross-sell or upsell opportunities,” but digital transformation is vital for this to be properly fleshed out, he says, and time is running out. #Canada #retailbanking #creditunions #wealthsolutions #wealthknowledge #digitisation #digitalwealth #assetmanagement #wealthmanagement #wealthtech #advisertech #FinTech #TWMMembers
Consolidating your credit union? Now is the time to invest in member experience
thewealthmosaic.com
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Introducing the latest research report: Creating an Innovation Strategy that Drives Differentiation and Member Loyalty, Results from the 2nd Annual Credit Union Innovation Success Study The report delves deep into the credit union sector's current state of innovativeness, particularly concerning member experiences. It serves as a compass guiding these institutions toward differentiation from conventional banks and fintech competitors. The findings from this year-long endeavor reveal that while credit unions exhibit remarkable member loyalty, their perceived innovativeness in business and social contexts, as viewed by their members, stands only slightly above the industry average. It is evident that innovation plays a pivotal role in fostering loyalty by stimulating positive emotions of excitement and fulfillment. Credit unions excel at delivering fulfillment, characterized by satisfaction and pleasing customer interactions, yet remain at an average level in generating excitement. For credit unions aiming to craft an innovation strategy that positions them favorably against other financial institutions, we recommend: 1. Prioritize efforts in areas that are both desirable and innovative, such as showing genuine care for members, maintaining constant availability when needed, and delivering rapid, responsive service. 2. Focus on high-priority member needs over product innovation, adaptability to change, and personalization. 3. Invest strategically in areas where there is ample room for improvement and differentiating power. To explore the comprehensive insights and specific strategic priorities for leveraging innovation, download the full report and accompanying summary slides here: Filene.org/595 #CreditUnions #Innovation #FinancialSector #MemberLoyalty #ResearchReport
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Serving financial institutions with authentic solutions. | Thought Leader | Industry Contributor | Speaker | Most importantly a proud father of daughters.
In the ever-evolving financial landscape, credit unions are uniquely positioned to leverage technology for significant growth and enhanced member services. I recently had the pleasure of joining Chris Otey in a detailed discussion on Total Expert's blog, where we explored practical strategies and insights for credit unions aiming to craft a robust technology roadmap. In our conversation, we addressed some of the pressing questions facing today's credit union leaders: How can credit unions effectively integrate new technologies while staying true to their member-focused mission? What are the key considerations for prioritizing technology investments? How can data-driven insights drive more personalized member services? We also shared specific examples and best practices that can help guide your technology initiatives. This dialogue is a must-read for anyone in the credit union sector looking to navigate the complexities of digital transformation with confidence and strategic acumen. Here is the link: https://lnkd.in/eqgrFJy4 Stay ahead of the curve and ensure your technology strategies are not just meeting but exceeding member expectations. Let's discuss how we can apply these insights to propel our institutions forward. Your thoughts and questions are welcome in the comments below!
How Credit Unions Can Build a Technology Roadmap to Power Digital Growth
https://totalexpert.com
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The digital revolution is reshaping the credit union landscape. Check out the insightful article published by LSCU, written by Jonathan Wright, on embracing the change brought about by digital transformation. Read more here: https://lnkd.in/gsZ8vJkP #digitaltransformation #creditunion #embracingchange Jonathan Wright
Embracing Change: The Digital Revolution Reshaping Credit Unions’ Landscape
https://lscuinsight.lscu.coop
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Why Credit Unions Are Primed to Revolutionize Financial Services in the U.S. Credit unions' long–standing competitive advantages—such as personalization and accessibility—are exactly what a younger generation of banking consumers is looking for. Forward-thinking credit unions will enhance those capabilities with the smart use of digital technology. When future economic analysts look back on 2024, it could easily be seen as the year that credit unions transformed the United States’ financial services sector. Certainly, the timing is ripe for credit unions to seize the multiple, technology-driven opportunities happening right now across the U.S. By doing so, they have a very real chance to improve the financial services sector and make an indelible mark on its future for both current and future generations. Let’s examine the major financial services evolutions that are taking place right now, notably artificial intelligence, hyper-personalization, and instant payments – and how credit unions can maximize these to their full advantage. Read more at The Financial Brand
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The Future is Now: Why Australian Credit Unions Should Lead the Way in Long-Tail Digitisation G'day, everyone! 👋 As we navigate the ever-evolving landscape of financial services in Australia, Credit Unions stand as a bedrock of community-focused banking. However, to continue thriving, it's imperative to adopt strategies that align with modern needs. One word - Long-Tail Digitisation. Here's why it matters: 🎯 Consistency of Customer Experience In an industry built on community trust, maintaining consistent, high-quality interactions at every touchpoint is essential. Long-tail digitisation provides a pathway to refine even the most niche procedures, guaranteeing that our valued members always experience top-tier service. 📊 Operational Efficiency Efficiency isn't just corporate jargon; it's the lifeline of member-focused organisations. Long-tail digitisation automates the less frequent, but nonetheless crucial, tasks. The result? Our teams can concentrate on what they do best: serving our members. 🛍 Exceeding Member Expectations Our members, both young and old, are becoming increasingly tech-savvy. They expect instant, seamless services. Long-tail digitisation ensures that even the most complex transactions are simplified, making banking as easy as a Sunday arvo BBQ! 🌏 Reaching the Unreachable Our Credit Unions often serve communities far and wide. Long-tail digitisation opens up opportunities to better serve rural areas and remote communities, aligning with our mission to be truly inclusive. 💡 Data-Driven Decisions The more we know, the better we serve. Long-tail digitisation provides valuable data, allowing us to continuously improve our offerings based on actual member needs and behaviours. 🔒 Enhanced Security Digital transformation offers advanced security measures, ensuring that member data is always safeguarded effectively. Let's not just adapt; let's lead. By championing long-tail digitisation, Australian Credit Unions can set a precedent not just locally but globally, proving once again why we are pillars of community-oriented financial services. Share your thoughts, and let's discuss how we can collectively pave the way for a brighter, more digitised future for Australian Credit Unions. #AustralianCreditUnions #Digitisation #CustomerExperience #OperationalEfficiency #Innovation #FinancialInclusion
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Energizing Organizations and Elevating People to Achieve Extraordinary Results | CEO | Executive | M&A | Strategic Visioning | Financial Services | Digital Impact | Mentoring | Coaching |
Redefining what it means to be a Financial Institution: Welcome Osman Ulhaq to Arizona! 🌵 A seismic shift is happening in Phoenix and around Arizona and we're thrilled to be at the forefront of this trailblazing journey. Today, we proudly introduce Osman Ulhaq as our Chief Strategy Officer at OneAZ Credit Union! There are few in the industry who have Osman's level of strategic and critical thinking. There are even fewer who have Osman's passion for growth and focused impact. He is an even better person! Osman will challenge OneAZ Credit Union to elevate, make a bigger difference, and inspire greater value for our members and communities. Osman will work with our other amazing executives to exponentially scale our reach and impact. Here are a few of the areas of focus for Osman and team: 💡 Challenging Norms: Banking norms are ripe for disruption, and we're here to challenge the status quo. With Osman's strategic brilliance, we're rewriting the playbook on what banking can and should be...especially for those who need it most. 🌍 Global Perspective, Local Impact: Osman brings a global perspective to our local community-focused approach. Together, we'll elevate the Arizona banking experience to new heights while staying fiercely aware of global trends that will impact our local markets. 📊 Data-Powered Revolution: Data is the currency of the future, and Osman's data analytics prowess will be our secret weapon. Our Data Analytics team is one of the best I've ever seen in credit unions! Get ready for tailored solutions, real-time insights, and a personalized banking experience like no other! 🚀 Fearless Innovation: Brace for impact! Osman's leadership will propel us into a new era of innovation, where traditional boundaries are shattered, and member/consumer-centric solutions reign supreme. As we embark on this exciting journey, we invite you to challenge the banking norms with us. Join us in reimagining the future of finance, where innovation knows no bounds, and member WOW is paramount. What is innovative today becomes expected tomorrow. We will move at the pace of our market, not at the pace of credit unions. Buckle up, Arizona, and stay tuned for a member and community-centric approach to financial dreams. #BankingRevolution #ThoughtLeadership #ArizonaInnovation #FinancialServices #OneAZGrowth #Impact
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"Go where the puck is going, not where it has been." We loved this article in Credit Union Times from Don Miller, CEO of Gesa Credit Union, using this famous Wayne Gretzky quote. It made us think about the recent studies that show a growing preference towards self-service for nearly everything in online banking across ALL age groups, not just young people. 👇 Check out Don's article below and get inspired! #creditunions #selfservice #automation
How Credit Unions Can Remain Successful in an Evolving Financial Landscape | Credit Union Times
cutimes.com
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Are you wondering why boosting member engagement is crucial for credit unions? Well, here's the scoop - unlike traditional banks, credit unions rely on the satisfaction and engagement of their members for success. After all, members are not just customers, but owners of the institution as well. In today's financial landscape, credit unions face tough competition from fintech firms and big banks that have more resources and tech capabilities. To stay ahead, credit unions must focus on creating a positive member experience that sets them apart. This means offering tailored digital experiences that cater to the needs and preferences of their members, especially the younger, tech-savvy crowd. By prioritizing member engagement, credit unions can foster loyalty, drive growth, and ultimately secure their long-term profitability. So, if you're a credit union looking to thrive in a competitive industry, make sure member engagement is at the top of your strategy list. Your members will thank you for it! #CreditUnions #MemberEngagement #DigitalExperience 🚀🏦💻 https://hubs.ly/Q02DfVQb0
How to Improve Credit Union Member Engagement & Boost Profitability • MHC
mhcautomation.com
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How does a credit card user’s mindset differ from a debit card user? Samantha Paxson dives into Co-op's 2023 CU Growth Outlook research in a recent Credit Union Times article. Learn how your #creditunion can use these insights to build trust, inspire long-term loyalty, and bolster primary financial relationships with members. https://lnkd.in/gTXJbr4q
Read More – 4 Unexpected Credit Cardholder Insights
cutimes.com
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