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%).
Additional Research and Learning Opportunities from CO-OP
The Digital Transformation study is the second in a series of research papers CO-OP is presenting. The first report, Jobs to be Done: A Roadmap to Consumer-Centric Innovation, details the results of banking consumer survey on the experience members really want from their credit unions. A third publication, surveying change management, will be available in September.
Credit union staff can register immediately to attend the webinar, Digital Transformation: How to Get Started, scheduled August 16 at 11 a.m. PT. The event will provide insights on how credit unions can begin their digital transformation journey, with organizational examples both in and outside the industry. A white paper providing further guidance on how to get started will be made available following the webinar.
“CO-OP is going through its own digital transformation, so it is a journey in which we are joining as well as supporting our clients in the pursuit of making the customer experience seamless and secure,” said Clark.
[x_alert heading=”About CO-OP Financial Services” type=”info”]CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement by serving 3,500 credit unions and 60 million members. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.[/x_alert]