Investment in digital and data is an absolute necessity and not just a nice-to-do item in the long lists anymore. It helps you to stay relevant in the market, engage with members that they expect from modern organizations that delight them, and help you to reach out to them in the right manner at the right time. It helps you be prepared for unpredictable and unfortunate situations where your members need you the most. This investment can either have your scrabbling for competitive advantages or fearing failure. 

Fear of failure and the challenge in defining comprehensive vision are the top two reasons holding CU leaders back when they are looking to invest in data and digital.

1. Fear of failure – Fear of failure is the most significant barrier to digital transformation. 

This fear can be due to many factors as outline below. 

• The apprehension that the solution is expensive, and would it be able to deliver the expected return on investment.
• Your budget is not flexible, and you cannot afford the investment.
• The presence of internal resistance or lack of stakeholder support.
• The incapability of the existing technical teams to develop, manage, or operate these solutions.
• Inability to hire the appropriate technical staff needed.
• Collection, storing, and analyzing data is a very complicated task.
• Plan and drive appropriate readiness and change management that impacts people, process, and technology.
• Inability to manage post-implementation challenges.

Organizations need a step-by-step playbook that can guide them to overcome people, process, and technology challenges. This will enable them to push boundaries, iterate in an agile manner, and fail fast.

2. Challenge in defining vision -  Sometimes, even though credit union leaders know what to invest in, they run into a challenge in defining a credible vision that the organization can align on. This can be because of many reasons.

• Current organizational practices do not encourage change.
• The uncertainty and analysis/paralysis makes it challenging to layout clear objectives.
• Challenge in painting a clear vision and what the end state is going to look like.
• Inability to define and quantify the expected results.

Before investing in data and digital, Credit Unions should be able to determine what they seek to achieve from the investment. They should be able to establish this investment as a necessary ingredient for longevity and not just as a time to time need. Vision and planning are crucial requirements for this.

Today, the market landscape is highly dynamic and prefers digital. Building and developing data and digital capabilities help you be better prepared for the future. More than planning for such transformation, an essential aspect is to deliver on it. 

Keeping this in mind, CULytics has launched on-demand workshops. These workshops provide you appropriate guidance on defining a credible vision that is based on practical case studies that provide detailed information about the successes and failures at the most progressive financial institutions in the nation. Also, they provide step-by-step guidance to overcome challenges and execute on your initiatives successful.

GET WORKSHOP DETAILS HERE