ATHENS, Ga.–A new whitepaper that’s free to credit unions examines many of the issues credit unions must examine as they work to invest in technologies to remain relevant with consumers.
Published by the Southeast Regional Credit Union Schools (SRCUS), the paper notes many other financial institutions are pouring substantial amounts of resources into technologies that are often not an option for most credit unions, which means for CUs there is a critical importance on understanding inner workings of technologies to ensure they make the proper decisions at the proper time.
Among the questions raised in the white paper that credit unions are urged to examine:
- Are we a financial services organization looking to catch up with technology? Or can we shift to a technology company that excels in providing financial services to our community?
- Trust is the key, but how do we develop the personalization through social media and other digital channels that members turn to?
- As credit unions weigh the costs and benefits of investing in technology, is it best to cater to your current membership, or is it more advantageous to adopt newer, costlier digital channels and technologies?
The white paper was authored by a team of third-year students in the SE CUNA Management School program comprised of Ben Bailey, Champion Credit Union (Waynesville, N.C.); Greg Daniels, ElecTel Cooperative FCU (Raleigh, N.C.); John Garrett, LGE Community Credit Union (Marietta, Ga.); Jeff Kolhagen, IBM Southeast Employees CU (Delray Beach, Fla.), and Kevan Williamson, Georgia’s Own Credit Union (Atlanta).
“Though technology trends, such as data science and big data, are rampant buzzwords in any relevant business these days, a much more focused analysis of general data shows us that implementing a strategic technology plan in this era of digital transformation is paramount for the success of credit unions,” SRCUS said in releasing the white paper.
In the report, “Technology Trends and the Opportunity Costs of Early Adopter and Late Majority Credit Inions”, the authors explain how credit unions have long been known for their focus on the financial betterment of their members and local communities but are too often leery of the varying obstacles that some large-scale technology changes can present.
“The authors posit that technology is only a tool, but one in which each credit union should heavily invest under the guidance of a structured process and a strategic technology plan, and this plan should always look to ensure security, efficiency and reliability of new solutions,” according to the SRCUS. “There is not a secret technology adoption plan that can be copied; there is only your credit union’s unique plan – which may or may not even exist yet. Credit unions exist to meet members’ needs and must seek structured processes to rise through the digital transformation at the right time. The concept of people-helping-people is still extremely relevant in today’s world; now, more than ever, it relies heavily on a tool called technology.”
To access a complimentary copy of the white paper, please visit www.srcus.org/management-school/student-white-papers/.