In this video, we are going to talk about the Digital Transformation strategy for Credit Unions. So before starting this video like this video and subscribe to my YouTube channel for future updates.
What is Digitization or Digital Transformation in Credit Unions?
Gartner says that digital transformation, which is often just called "digitization," is the process of going from analog to digital. But real change can only happen if the processes themselves are also changed.
In other words, digital transformation is more than just scanning paper with OCR and "core applications" that are driven by a database. It means rethinking processes from the ground up without installing or changing the core technology.
Digital transformation depends on small, lightweight, and easy-to-program software tools that can automate a wide range of digital tasks that affect your staff, your members, and your operating costs. These new digital tools make it possible to change business processes without having to start from scratch. They also help you get the most out of your existing platform investments by adding a layer to your current technology "stack."
Credit unions are becoming more digital. Definition: The implementation and use of new technologies in Credit Unions that do not use database-driven technologies or require the installation of new core platforms.
Credit unions have been working on digital transformation for a while, but during the COVID-19 pandemic, member demands for a fully digital banking experience and competition from non-banks have pushed transformation into overdrive. Your credit union may have changed by making mobile apps and automating tasks that used to be done by hand, but that is not enough.
Credit unions have always put member service first, which is how they stand out from banks. And members usually had to talk to each other in the branch for this service to work. But members don't visit branches as often as they did in the past.
Credit unions will need to invest in digital transformation to better connect with members, increase operational leverage, and make operations more efficient. Gartner says, "Many finance organizations are trying to figure out the digital landscape and ways to find and take advantage of cost-saving opportunities so they can put more money into digital initiatives." COVID-19 has sped up the rate of investment in digital transformation by the financial sector."
It can seem hard for credit unions to make the change to digital, but there are a number of technologies that can help. In this long-form explainer case study, we'll look at what digital credit union executives must think about is how to keep the process in mind before the technology. The technology is a "supercharger" for the process, but your members will have a rough time if the process itself isn't the best it can be.
Operations in the back office
Back-office operations like deposit operations and treasury management depend on getting data from different and separate systems, such as multiple databases, legacy core
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