Finalytics.ai powers segment-of-one digital experiences for credit unions. The company has announced results from its 2022 Credit Union Digital Maturity Index survey which investigates the current state of digital in the credit union industry. Credit unions ranging in asset size from $133 million to $31 billion participated in the survey. The survey found that 86% of credit unions agree that their competitive strategy is reliant on digital, however, most are not sufficiently prepared to leverage it. For example:
“Our survey showcases a significant gap between the value that credit unions assign to digital and their ability to successfully leverage a digital-first strategy. Technology spending has increased during the pandemic, but it is evident that credit unions still lack preparedness in technological and cultural areas”, said Craig McLaughlin, co-founder, and CEO, Finalytics.ai. “What it means to focus on the member now must stretch from the focus of the organizational structure to how data sources and advanced technology are applied. By directing attention to the users and leveraging internal and external data, credit unions will be able to offer digital experiences that go beyond personalization to create segment-of-one digital experiences addressed to meet the needs of their members.” Leadership was identified as the area where credit unions felt the most prepared to execute their digital strategy. However, only 26% of respondents agreed they had the right leaders to carry out their day-to-day digital strategies. McLaughlin adds, “Digital transformation must be led from the top down rather than being a project that is delegated down the organizational chart. Otherwise, business as usual will remain firmly entrenched.” The full report is available to download here.
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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