6 benefits of digital transformation

Credit unions are essential pillars of peoples’ lives, giving them the means to manage their finances in ways that are most beneficial to them. But when times change and people’s monetary requirements shift to meet their needs, credit unions must adapt.

A digital transformation (DT) can help credit unions do just that. There are multiple benefits that come with altering your union’s processes and culture with technology—they are not only beneficial for your members but also for your reputation and employees’ wellbeing.

The 6 benefits of digital transformation for credit unions are:

1. An opportunity for self-assessments

An organization’s digital transformation journey is unique. Every solution and tool that you decide to incorporate into your union should positively impact your employees, increasing their agility and ability to carry out their work. But sometimes, it can be difficult for unions to step back and study their business model, particularly when members’ needs are a top priority.

A digital transformation provides you and your team with the opportunity to examine your current procedures and solutions. Anything that is not delivering value or is hindering your team’s performance can—and should—be replaced. By adopting a reflective mindset and allowing your team to critically evaluate every process, you can uncover new opportunities for improvement and keep your union relevant no matter what circumstances come your way.

2. Improved productivity

In 2022’s America, over 300,000 people work for credit unions, and their roles must be supported with the best technology and procedures available. A DT can serve as a defining point within your union’s business strategy. It is an event that allows you to reconnect with your team to see what processes and tools your employees want or need to enhance their productivity at work. 

For example, you can take advantage of a DT to grow your union’s productivity in the following ways:

  • Implement artificial intelligence programs into your union’s workflow to automate repetitive tasks.
  • Introduce new online banking features that grant your members more autonomy over your products and services.
  • Implement project management software to coordinate your union’s projects.
  • Supply your employees with upgraded hardware that can quicken the pace of their work and allow them to take on more challenging assignments.

3. Enhanced agility

No matter if you are a federal credit union or are state-chartered, agility will grant you a competitive advantage. Credit unions that embrace innovative technologies will be better positioned to adapt to ever-changing market conditions while staying compliant with regulations. Effective DTs implement immediate changes that generate long-term results.

By sourcing and adopting technologies that are relevant, credit unions will have an easier time responding to unexpected changes in society and adapting their operations to suit them. 

4. Stronger relationships with members

In today’s world of digital business operations, employees of credit unions are not the only people looking for an improved experience—members are too. As members are increasingly turning to digital channels to conduct their financial activities, it is important that your credit union offers a seamless experience across all digital channels (or create new ones if you do not have them).

For example, your transformation could call for you to create a mobile application that will allow your union’s services to be more responsive and helpful to its members. From providing a secure location for credit card information to offering your members the means to check their accounts from a mobile device of their choice, a successful digital transformation will help keep your members engaged with your services and satisfied with your management.

5. Cultivate a culture of innovation

Technology can often be seen as a burden if people do not understand how to use it effectively. Likewise, if its intended use is unclear, people may perceive it as a threat to their jobs, making them more resistant to learning. Well-developed digital transformation strategies reaffirm the connections an organization has with its core values and goals, and demonstrate how technology will make these traits and cornerstones achievable—with employees at the center.

Asking for your team’s opinions will make them feel included throughout the entire DT process, ultimately making them feel personally invested and excited about discovering new opportunities. If your employees understand the value that technology will bring them and your members, your union’s culture will shift from complacency to one of excitement and technological innovation.

6. Boosted cybersecurity

Cybersecurity is a crucial aspect of any organization, no matter if they are a credit union or not. “8 out of 10 US citizens” worry that organizations cannot protect information regarding their personal finances. As the leader of a credit union, you should be doing your best to alleviate your members’ anxiety surrounding the safety of their data and money.

A digital transformation unveils the vulnerabilities in your procedures and network, helping you to patch up any weaknesses and protect your members’ information. By researching the latest cybersecurity solutions and implementing them into your operations, you will be able to enhance your company’s security and grow your members’ confidence in your organization.

Digital transformation managed services: A comprehensive solution for credit unions

Credit unions are valuable institutions in society, and their services must remain relevant and accessible for their members. A DT is a way for credit unions to make their operations stronger, but without the expertise or support to see a transformation through, the results can be costly.

Digital transformation managed services at PWR Technologies offer all-inclusive IT support for credit unions ready to rework their organization’s culture and operations. Reach out to the IT consultants at PWR Technologies today for guidance on your credit union’s digital transformation.  

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