New study examines digital transformation

CO-OP Financial Services announced 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.

The 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 identified barriers to change. Survey highlights include:

  • 88 percent of respondents say digital transformation is extremely or quite important.
  • 73 percent 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 percent rated the experience as “good, but not quite as good,” and 10 percent 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 percent); 2) Inability to innovate quickly and effectively (53 percent); 3) Tied to a legacy IT infrastructure (39 percent); and 4) Lack of technology capabilities among staff and outside partners (39 percent).

Credit union staff can register immediately to attend the webinar, Digital Transformation:  How to Get Started, scheduled Aug. 16 at 2 p.m. ET. The event will provide insights on how credit unions can begin their digital transformation journey, with organizational examples both in and outside the industry.