Creating a dynamic and fluid strategic plan that can be changed to meet new conditions will allow credit unions to succeed in the future.
“Technology is moving at an exponential rate, causing disruption upon disruption,” says Daniel Burrus, technology forecaster, disruptive innovation expert, and bestselling author. “Your industry can be completely disrupted while you’re in the middle of executing a plan that has been rendered obsolete. We have to do dynamic planning, which means the plan is fluid; it’s in motion.
“We can’t look at trends that are taking place every three or four years and do our planning,” he continues. “We need to do that more than once a year.”
In this episode of the CUNA News Podcast, Burrus talks about the importance of planning, trends that will impact the future, and steps credit unions can take to position themselves for success.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
