digital branch
A Future for Small Credit Unions
Part 4 – How Open Banking and Distributed Ledger Technology will help small credit unions compete. Open Banking and Distributed Ledger Technology (DLT) offer several advantages that can help smaller credit unions compete more effectively with larger financial institutions. Here’s how these technologies will be beneficial: Open Banking Benefits Distributed Ledger Technology (DLT) Benefits Combined…
Read MoreProducts and Services Likely to be Disrupted by Open Banking and DLT
Part One A headline in CUToday’s June 11 newsletter: “Headed to the U.S.? Stripe Intro’s Open-Banking-Powered Payments in the U.K.” This is one example of how Open Banking will revolutionize (disrupt) the financial services industry. Credit unions are not exempt from this disruptive wave. What is Open Banking? #Open Banking is a financial services innovation that…
Read MoreIs Your Org Structure Shackling Strategic Success?
Credit unions need to see their organizational structure as an organism, NOT a hierarchy. Innovation and adaptability reign supreme in credit unions. Being locked into a legacy organizational structure in a cross-functional, cross-silo operating environment often stifles short and long-term success. While these structures may have served the credit union well in the past, they…
Read MoreA Primer – Distributed Ledger and Web3 Technology for Credit Unions
It is equally accessible and affordable to small and large credit unions We’ve all watched the transformation for banking from an exclusive brick and mortar model to the Web2 model for digital and online banking. Now a new disruptive technology is coming to the forefront. Pioneered by Defy FCU and Bank Social (https://www.disruptionbanking.com/2023/11/16/banksocial-announces-proposed-defy-federal-credit-union-at-north-american-blockchain-summit/), Web3 (https://web3.foundation/)…
Read MoreCredit Unions, Innovate or Die…
Credit unions have been around for over a century and have played a vital role in providing financial services to consumers. However, the financial services industry has undergone a significant transformation in recent years, and credit unions need to innovate to remain relevant in today’s market. In the late 90s, online banking was an innovation…
Read MoreGet Closer to Your Member with Nano Strategies
Nano strategies at a credit union would refer to implementing highly focused, granular, and member-centric approaches to achieve various goals, such as improving member experience, enhancing operational efficiency, and increasing financial performance. These strategies involve leveraging technology, data, and innovative practices to create personalized experiences and streamline processes. Here are some examples of what nano…
Read More8 Steps to a Successful Digital Transformation at a Credit Union
Digital transformation is necessary for credit unions to remain competitive in today’s rapidly evolving financial landscape. Embracing digital technologies can enhance member experiences, improve operational efficiency, and enable credit unions to meet their members’ evolving needs and expectations. All too often, we see credit unions doing much work to become digital or mobile-first, but often…
Read MoreA Case Study of Bold, Transformational Change
This article is for the CEOs and Chief Strategic Officers thinking BOLDLY and going where other organizations have not gone before. Recently I’ve observed and had the joy of working with a couple of credit unions making significant transformations and reinventing their business and service models. If you look at what these credit unions are…
Read MoreThe Pathway to an effective hybrid workforce
Out of necessity, the concept of a hybrid workforce has gained immense popularity due to the pandemic. However, out of urgency, most companies transitioned to a remote or hybrid workforce “on the fly.” Now companies are trying to build a sustainable hybrid model that balances the flexibility of remote work and the benefits of in-person…
Read More