One bite at a time: Transforming through incremental improvements

Credit Unions across the country have been going through multiple challenges in the last few years, resulting in a 30% decrease of credit unions nationally. This decrease has occurred through consolidation and pressures from traditional banks and FinTechs as well as increased competition from newer concepts such as embedded banking. Some of these Credit Unions have maintained a presence in their communities for a long time, but the kind of members that they serve have changed – the personas they are catering to range from Boomers to Millennials to Gen-Zs to Digital Natives. They for sure face challenges from inside and outside to thrive amongst various competing factors and continue to serve their members while providing a best-in-class experience.

The 7-fold challenge

All these lead to challenges from both internal and external forces. The demands from external forces always outweigh the internal ones and it’s a constant challenge for all to balance the two.

 

continue reading »