Community Chair

Digital Transformation @ BCU

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Since COVID-19, people and companies, both have been facing unprecedented challenges and concerns. This has altered their needs and the way they behave. As stated by Kate Smaje, Mckinsey, and Associates – “Covid-19 has launched the greatest behavioral change in our lifetime. We’ve vaulted 5 years in the adoption of digital in just 8 weeks.”

Through this article, we have discussed Baxter Credit Union’s digital transformation journey. Insights are shared by a presentation from John Sahagian from Baxter Credit Union, at the 5th Annual CULytics Virtual Summit.

KEY STRATEGIC VALUES OF BCU

  • Member first- It is all about the members. Their expectations are rapidly evolving, driven by fintech and non-fintech every day. Members are expecting to keep up and to do so, needs have to be met by using technology which allows data to be more decisive and valuable. They stay focused on what the member wants.
  • Tech standards- Technologies employed and partners empower connectivity, innovation, and scalability. They keep a rapid innovation mindset, stay nimble, and move quickly.
  • Data Strategy- They emphasize developing the ability to harness, understand, and apply member intelligence so that it is possible to make faster decisions. And by being data-driven, it is possible to create intelligent and connected experiences.

Empowering people to discover financial freedom

Members want experiences to be fast, intuitive, and they want to be kept in the loop. They need to know that their data and money is well protected. To ensure that these expectations are met, Baxter Credit Union has been working on the following-

  1. Technology guidelines-
    • It is crucial to align with the right partners.
    • Moving towards cloud-based software and service platforms since they are more nimble and easier to manage.
    • Moving towards partners and technology which are designed for connectivity, and are API driven and integration enabled.
    • Leverage partner and partner ecosystems.
    • Ensure security throughout and it should be embedded in the platform design.
  2. Managing Great Experiences
    • Unifying member experiences and powering them with secure data and intelligence. To connect and secure members, they utilize modern cloud-based tools developed by Microsoft.
    • These platforms are tying into an enterprise data warehouse in the background. The back end systems are consolidated into a single user interface. To do this, they use the Salesforce platform, which helps employees to reinvest their time in creating great experiences.
  3. Platform Success Metrics
    • Some metrics used by BCU are - No. of leads, economic value-added, member web charts, lead conversion, annual benefits, chatbot containment, etc,
    • Centralizing interactions and member data into one single platform have allowed them to measure their success in a reformed manner. For example, with the Economic Value added metric, it is possible to know the entire pipeline from marketing to funding, and look for opportunities and optimize at every part of the journey.

Conclusion

Digital Transformation is an ongoing journey. It cannot be done overnight, but this unforeseen shift comes as an opportunity in disguise. It is necessary to learn how to make the most.

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