Use the power of the digital age to transform how you do business with these six tips from CUNA’s 2015-2016 E-Scan:
1. Recognize that consumers’ rapid adoption of mobile payments means credit unions’ cards must battle for “top of device” status in addition to “top of wallet” status.
2. Align your payments strategy with strong partners, and proactively engage and inform interested members.
3. Harness the power of advanced analytics through data gleaned from EMV (Europay, MasterCard, and Visa) transactions and the “Internet of Things,” which could produce 28 billion connected objects by 2020. Create systems that filter, process, and respond to this data by delivering customized services and information transparently to individual members.
4. Incorporate into your project management structure business outcomes such as faster delivery time to market, return on investment, and end-user adoption, as well as time, cost, and scope.
5. Transform your existing business operations around the concept of delivering products and services to members in intuitive, easy-to-use systems and delivery channels.
6. Apply strategic and operational metrics and benchmarks to maximize your technology spending, which last year represented 6.7% of credit unions’ noninterest expenses, on average.