Community Chair

Strategic Agility

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Economies organize around challenges and rise to overcome scarcity. With a shifting economic model, how do you catch the attention of the consumer?

COVID-19 has brought unprecedented changes to the industry- Online Shift, new merchant, and consumer behavior, cross border impact, reduction in cash, etc. The impact is broad, uniform, and rapid. How to drive consumer banking and understand what the challenges are? Strategic agility is a foundation. In this article, we have discussed how to aim and work towards building strategic agility.

These insights are based on the keynote presented by Sumeet Bhalla, Sr. VP Consumer Banking at Pentagon Federal Credit Union at the 5th Annual CULytics Virtual Summit, 2020.

  1. In the Creator Economy, the Poverty of attention overcomes by focusing on personal experiences. Google has a simple, elegant, and functional design that hides the underlying complex functioning. It is developed by utilizing data and making the right algorithms. Hence, it is a platform where consumers are both producers and consumers.
  2. The only thing changing faster than technology is customer expectations. According to A.T Kearney Banking and Payments study, 39 million adults changed their primary bank in 2018. This indicates that consumer loyalty is at risk. The reason is similar- simple elegant and functional experience is becoming table stake and experience matters. Consumers want personalized accommodations. Digital accommodations began PRE-COVID as well.
  3. Scale matters in financial institutions. Technology has neutralized scale advantages. Seamless customer experience, creative value propositions, is essential for Credit Unions. It is important to understand the customer.

PENFED’S STRATEGIC AGILITY THROUGH DIGITAL TRANSFORMATION, DATA AND ANALYTICS AND PARTNERSHIPS

PenFed Credit transformed their human-intensive processes to digital facilities by using Machine learning for behavioral modeling. The questions which should drive is how to use data as an asset and create the networking effect. Alternate revenue streams need to be created by Credit Unions, and partnering with Fintechs is an effective way to go about it. To strive for innovation is a necessity.

The three foundations of PENFED’s strategic agility include- Digital Transformation, Data and Analytics, and Partnerships.

Digital Transformation Objectives-

  • Increase acquisition through wider distribution channels, lower acquisition costs, and launch creative new products.
  • Higher primacy and increase network effect which should lead to higher profitability.
  • Speed, seamless digital fulfillment, driving towards the low operational cost.

Digital Product Design V Digital Platform

To be digital to the core, to think of digital product design first is a primary essential. A digital platform should just be a tool. The question to ask is - Does my digital platform enable me to do what my design is asking me to do?

Based on the designs, how are member journeys being created? What touchpoints are being created? These answers are fruitful in driving data partnerships.

Data analytics objectives

  • Build in-house analytical talent.
  • A robust framework for credit models.

It is essential to proactively understand what members are up to and act decisively.

Partnerships through digital platforms

Through one single platform, you might need to connect with solution providers for dealing with risk, payments, lead generations, wealth management, etc.

Whether the partners help you make the most of opportunities is an essential ask.

CONCLUSION

Strategic agility is needed to cope with the evolving financial landscape. All objectives should keep in mind the unprecedented situations like COVID-19.

As discussed, now more than ever is a scarcity of customer attention. Think about what you want to drive strategic agility, grasp customer attention, and then gather tools to deliver.

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