That, in essence, is what digital transformation is all about. It's about creating a foundation of processes, technologies, data, and more - integrating it all together in a way on the back end that creates the experience members want and deserve on the front.
While digital transformation can be a time-consuming process, it also doesn't have to take nearly as long as some people assume it will. If you want to accelerate your credit union's digital transformation, there are a few key things to keep in mind.
By far, one of the most important ingredients necessary to accelerate the digital transformation of a credit union (CU) is clarity. If you want to achieve success, you need to define what "success" looks like before the digital transformation process begins in earnest. Likewise, all key stakeholders need to be on the same page at all times regarding what is going to happen.
Failing to achieve clarity early on in the process results in a digital transformation that is muddy, slow, and inefficient. It also becomes difficult (if not impossible) to tell how all the new IT assets will work together, resulting in them becoming just disparate elements of an increasingly complicated infrastructure.
Along the same lines, another one of the most essential ways to accelerate your CU's digital transformation involves keeping the process as simple as possible at all times.
The more complicated things get, the longer it could take to reap the rewards of your efforts. Streamline any existing processes that are absolutely essential and eliminate anything that fails to deliver the desired outcome. Don't digitize a ten-step process just for the sake of it - try to turn it into a three-step process that operates more efficiently along the way.
This is especially true when it comes to elements like digital account services that will create better experiences for users moving forward.
Finally, always make sure that your credit union's digital transformation strategy is as resilient as possible. That is to say, you should be able to always respond quickly to market changes, all in the name of continuing to offer the most exceptional member experience that you can.
Migrating systems to the cloud can help tremendously with that end. It can also help better prepare your credit union for services now considered essential to members, like mobile banking.
This in turn brings with it what is perhaps the most important benefit to the digital transformation of all: a sense of resilience that will serve your credit union well for years to come. When credit unions strengthen and fortify their existing systems via digital transformations, they lay the building blocks for long-term success. Core areas of the credit union can be proactively monitored including website performance, account access, and more - all to virtually guarantee that your various member services channels are stronger than ever, no matter what.
Member onboarding strategies are a key component of member relationship management, helping to convince new and existing members to move beyond a singular account relationship. Onboarding methods can encourage the use of checking and deposit accounts, desktop and mobile banking, remote deposit capture, email and mobile app notifications and most importantly your loan products.
To find out more about the various ways in which credit unions can accelerate their own digital transformations, click the button below to download the FLEX Member Onboarding eGuide.
Likewise, you can take these lessons one step further by applying the insight from FLEX's Member Onboarding Best Practices eGuide to your own organization. Click the button below to learn more.