CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » 2021 World Credit Union Conference opens with emphasis on digital transformation
CU System

2021 World Credit Union Conference opens with emphasis on digital transformation

July 14, 2021
WCUCPlatform
The virtual platform for the 2021 World Credit Union Conference. (World Council photo)

The World Council of Credit Unions welcomed hundreds of credit union professionals to day one of the 2021 World Credit Union Conference, opening the first all-virtual WCUC with a keynote speech and breakout sessions on the digital future credit unions must prepare for going forward.

World Council Board Chair Rafał Matusiak, who also serves as president of Poland’s National Association of Cooperative Savings and Credit Unions (NACSCU), welcomed attendees by thanking them for serving as financial first responders for their members during the COVID-19 pandemic.

“I hope the next week is full of new ideas, networking and sharing the spirit of credit unions,” said Matusiak. “Together we are stronger, more agile and more effective.”

Keynote speaker

Greg Verdino, a business futurist & digital transformation expert, delivered the 2021 World Credit Union Conference’s first keynote speech, focusing on what he calls the “never normal” atmosphere credit unions now face due to the pandemic.

Verdino explained that COVID-19 ended normal as we know it, but instead of entering a new normal, he believes we should plan on facing a “never normal” that will feature a pace of change that has never existed before that will require each credit union to build a foundation for a change-ready, future-proof organization.

“All leaders need to embrace ambiguity, not merely tolerate it—lean into it,” said Verdino. “Commit to acting in the face of imperfect information, commit to experiment in the face of uncertain outcomes.”

Acknowledging that new, online-only financial service organizations are here to stay and will peel off a sector of consumers is part of the ambiguity credit unions must embrace and navigate, according to Verdino.

“How does a credit union remain relevant if the future of banking is no banks? What are some of the ways that you could create value for that new generation of customers,” asked Verdino, saying those are the types of questions credit unions must be able to answer if they are going to be successful going forward.

Changing the Culture of Digital Transformation

Wednesday morning breakout sessions offered attendees three education options, ranging from sustainable finance to cyber resilience and digital transformation.

In a presentation on “Changing the Culture of Digital Transformation,” Joe Sullivan, CEO of Market Insights, focused on the fact that one of the biggest roadblocks to successful digital transformation in the financial services industry is culture.

Sullivan explained culture change requires intense effort and is often the most challenging part of digital transformation.

“The importance of culture for you to be able to invest in digital and invest in technology is crucial,” said Sullivan. “It is an ongoing way of living at your organization. It’s an ongoing way of being.”

Sullivan also shared a framework for creating and cultivating a culture that both understands and advances digital transformation, providing attendees with:

  • Ways to assess and evaluate their current culture.
  • Steps to remove cultural aspects that inhibit digital transformation.
  • Digital culture characteristics, and practical ways to build and sustain them.

WCUC 2021’s opening day messaging on digital transformation complements World Council’s Challenge 2025 initiative, which seeks to establish the digital transformation of the global credit union system by 2025.

Follow conference activities on Facebook, Twitter and Instagram and post your own with #wcuc2021.

The 2021 World Credit Union Conference runs through Wednesday, July 21.

KEYWORDS WOCCU
Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • Reps introduce bipartisan Credit Union Board Modernization Act

  • CDFI Fund announces CUNA-sought delay to consider application changes

  • CUNA makes recommendations for CFPB personal data rights rulemaking

Tweets by CUNA_News

Polls

How do you feel about the economy in 2023?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us