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Results from Finalytics.ai's 2022 Credit Union Digital Maturity Index survey found 86% of credit unions agree that their competitive strategy relies on a digital mindset; however, most credit unions are not prepared to leverage it.
The San Mateo, Calif.-based Finalytics.ai released its findings on Wednesday based off a survey of credit unions with asset sizes ranging from $133 million to $31 billion.
According to results from Finalytics.ai's survey, only 14% of credit unions "completely agree that they have the appropriate flexible, iterative and collaborative approach to execute a digital strategy."
The survey also revealed a low number of credit unions had the proper focus on members when building a digital strategy. "For example, only 36% of credit unions indicated they use member journeys to drive the business, while 17% of respondents completely agreed their credit union prioritizes decisions on digital based on member experience," the report read.
"Our survey showcases a significant gap between the value that credit unions assign to digital and their ability to successfully leverage a digital-first strategy. Technology spending has increased during the pandemic, but it is evident that credit unions still lack preparedness in technological and cultural areas," Craig McLaughlin, co-founder and CEO for Finalytics.ai, said. "What it means to focus on the member now must stretch from the focus of the organizational structure to how data sources and advanced technology are applied. By directing attention to the users and leveraging internal and external data, credit unions will be able to offer digital experiences that go beyond personalization to create segment-of-one digital experiences addressed to meet the needs of their members."
While leadership was identified in the survey as an area where credit unions felt the most prepared to execute their digital strategy, only 26% agreed they had the right leaders in place.
"Digital transformation must be led from the top down rather than being a project that is delegated down the organizational chart," McLaughlin said. "Otherwise, business as usual will remain firmly entrenched."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
