Digital technologies are changing the face of business. And this change is accelerating and faster than ever before and impact all functions within Credit Unions.

At a very high level there are four main phases of maturity in the digital transformation journey.

Phase 1

Where the organizations are just starting on their journey. In this phase typically the data is silo'ed. Analysts in the organization are aligned with specific business functions, They spend most of their working time in getting the data together in traditional tools like excel, access and then provide reports and dashboards. Given the effort it takes to get and prepare the data, the business makes most of the decisions based on gut and use the reports and dashboards to get a rear-view look in their business. There is limited use of online sales channel and very few digital marketing programs to engage the members.

To get out of phase 1, initiate some projects to warm the executives about the potential. Invest in centralized digital practice. De-emphasize industry experience to recruit digital talent.

Phase 2

This is where the organization has started to invest in getting skilled resources and technology.  They start breaking down the data silos and create centralized data platform that speeds up the data analysis process. The organizations start getting stronger with digital marketing and digital sales process. They also start experimenting with predictive/prescriptive analytics and in isolated cases start operationalizing these models and have a feedback loop to measure the performance of these models.

Phase 3

Phase 4