Credit unions are still crossing the bridge toward digital transformation, according to Mark Sievewright, CEO of Sievewright & Associates.
Credit union leaders need to prioritize the effort because the next 20 years of change will make the last 20 years look insignificant, he says.
“The role of the leader is to find the future and secure it,” he tells the How To Conference by CU Water Cooler in Madison, Wis.
Sievewright says credit unions will need to embrace these technologies:
He offers three tips on charting the course forward:
1. Work with fintechs. “Fintechs are not eating our lunch, and they were never really going to,” he says. They want to change the way financial services works, and credit unions should collaborate with them.
2. Focus. Discover what you are not going to do and then be steadfast about it. Prioritize your scarce resources on improvements that create value, he says.
3. Embrace change. “We can’t resist the change that is coming; we have to embrace it,” Sievewright says.
A fully digitized future is on the horizon, he adds, so make sure your credit union is part of that ecosystem.