A credit union can't continue to do what it's always done. In the modern world we live in: member expectations change all the time. This, coupled with increased competition, cause fluctuations in the financial industry on a regular basis. Therefore, for credit unions to succeed within this context, they need to remain efficient enough to pivot at a moment's notice.

Digital transformation — when done right — can transform your credit union's ability to stand out in a crowded market while optimizing operations and improving the overall member experience. But when it's done wrong, the possibilities are endless — and not in a good way. For example, Hewlett Packard's digital transformation in 2004 was slated to cost $160 million. But because of several failures, it cost them nearly five times that amount.

Organizations are straying away from the annual employee review process in favor of organic, year-round conversations. Annual employee reviews are now seen as both inefficient and ineffective, considering a good manager-employee relationship would cultivate this type of conversations as needed. Even though annual reviews are fading into the background, that doesn’t mean credit unions should stop monitoring their staff’s skill level. MSRs will respond better to constructive criticism and skill development if their performance is backed by numbers and data that indicates areas of strengths and weaknesses. There are key metrics readily available from your core technology to aid in evaluations and in improving credit union processes, plus these metrics can identify where your employees are excelling or where they need improvement.