Move forward with a ‘transformation navigation’

Move forward with a ‘transformation navigation’

Members want you to anticipate their needs.

October 4, 2017

Embracing technology without losing your connection to members requires undertaking a “transformation navigation,” says Lisa Huertas, chief eXperience officer for Texas Tech Federal Credit Union in Lubbock.

She addressed the co-located CUNA Technology Council and CUNA Operations & Member Experience Council Conferences Tuesday in Phoenix.

Huertas says most credit unions fit into four categories:

  1. Thought leader/early adopter. These credit unions are technology-minded and have a fast-paced, fail fast mentality; an aggressive growth model; robust digital services; and innovative staff.
  2. Traditional/mainstream. These institutions have a moderate growth model, conservative technology spending, and traditional hiring practices.
  3. Late adopter. Such credit unions have a difficult time getting new technology approved, and they’re uncomfortable with change. Staff is spread thin, and wear multiple hats.
  4. Merger mode. Game over.

Credit unions need to change because members are changing, she says. “They want you to anticipate their needs.”

Becoming a thought leader requires undergoing a transformation navigation, Huertas says. Some credit unions have done this by:

  • Creating a zoned experience in branches. Use your branches to establish relationships with members. Greet them at the door, find out what they need, and send them to the right area.
  • “This isn’t just about technology,” she says. “You need to leverage your people to make this happen.”
  • Offering video collaboration. Video provides personal experiences that are high-tech and high touch. It provides the ability to engage with members how, when, and where members want. It can be a meaningful driver of member engagement and revenue.
  • Investing in their people. Texas Tech Federal changed its staffing model by merging member service representative and loan officer roles into one position in some branches. “They do everything from opening new accounts to making car loans,” Huertas says.
  • Embracing technology. If you can’t afford to buy new technology, look into leasing.
  • Forging an omnichannel strategy, which (among other things) allows members to start a transaction in one channel and finish it in another.
  • Setting priorities. “You can’t fix everything at once,” she says.

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