Your competitors are trying to slice up your business by relentlessly targeting specific aspects of consumers’ financial lives, says John Best, president of Best Innovation Group, during a breakout session at the CUNA Lending Council Conference Monday.
To survive in the new world of unbundled services and niche apps, Best says, credit unions must truly commit to digital services, big data analytics, and innovation.
“Digital is not a product. You have to change the essence of who you are. Analytics is not a product. It’s a discipline. Innovation is a fruit, not a goal,” says Best.
Best further encourages credit unions to:
Your staff will also be vital to your future, Best says. In addition to traditional staff—such as tellers and loan officers—credit unions need: