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Digital transformation recognized as top need by CU leaders in study

Thu, Aug 17, 2017

CO-OP Financial Services announced today a free download of its proprietary research study, Digital Transformation, designed to help credit union leaders understand current industry perceptions, challenges and plans for the digital age.

“CO-OP is committed to helping our industry meet digital transformation challenges,” said Todd Clark, president and CEO, CO-OP Financial Services. “Credit unions are facing increased competition from digital startups and they must transform their processes and infrastructure to meet the needs of digital natives. You can’t make good decisions without good data, so we are offering research studies, white papers and webinars on how today’s consumers are digitally engaging with their financial institutions.”

The Digital Transformation study is based on research by David Rogers, author of “The Digital Transformation Playbook.” Rogers queried 221 credit union leaders on five strategic areas – consumers, competition, data, innovation and value – and identify barriers to change. Survey highlights include:

  • 88% of respondents say digital transformation is extremely or quite important.
  • 73% say their credit union is planning to increase budgets for digital initiatives in the next year.
  • Respondents identified the following digital brands as setting the gold standard for a great digital experience: Amazon (No. 1), Google (No. 2), Facebook (No. 3) and Apple (No. 4).
  • Relative to these brands, nearly half of respondents felt the experience provided by their credit union was inferior or far inferior, while 44% rated the experience as “good, but not quite as good,” and 10% felt that their credit union was “meeting the high standard they set.”
  • Leading barriers to digital transformation cited by respondents: 1) Lack of budget/resources (59%); 2) Inability to innovate quickly and effectively (53%); 3) Tied to a legacy IT infrastructure (39%); and 4) Lack of technology capabilities among staff and outside partners (39%).