Webinar Recap: Driving Credit Union Performance in the Digital Age

Posted in by Matt Harrell

FI Navigator teamed up with renowned credit union thought-leader, Mark Sievewright of Sievewright & Associates, to host a webinar last week on how digital transformation has fundamentally changed how credit unions serve their members. We recorded the session, and you can view it in its entirety here. Here’s a brief recap with time markers in case you’re interested in select portions of the session.

Mark starts the session with an overview of four macro-trends for credit unions which are: 1) consolidation, 2) the pace of digital transformation for credit unions , 3) new competitors for credit unions, and 4) shifting demographics of members and the workforce. This portion starts at the 2:00 mark.

At 7:25, Mark lays out the formula for delivering exceptional member experiences in four parts, plus an overview of the new Apple card as an example. Mark remarks that he was able to sign up for the new Apple Card in an astounding 28 seconds! Mark goes on to talk more about which new technologies will enable innovation at credit unions.

Finally, Mark shows a framework for defining the digital strategy at your credit union via a 2×2 matrix. You can find that, and his summary, starting at 25:20.

We then segue to Steve Cotton, CEO and Founder of FI Navigator, who showcases new analytics to provide a data-driven way to guide digital transformation at credit unions. Steve provides a decomposition of how to maximize membership returns, and how your member product offerings factor in. That discussion begins at the 31 minute mark.

Now, onto the analytics showcase, Steve uses a case study credit union to look explore some of the analytics available from FI Navigator. At 37:35, Steve begins the analytics walkthrough by selecting a peer group for comparison – and the rationale behind doing so. You’ll then see a walkthrough of this credit union’s profit, growth, risk and product offering. Within the first three areas mentioned, you’ll see custom strengths and opportunities for the focus credit union relative to peers. In the product offering section, you’ll see all of the focus credit union’s products (from retail payments, to retail deposit products, and business services – over 200 in total) and the percentage of peer credit unions that offer that product/service. This provides credit union executives with a date-driven way to guide their digital transformation.

*Special Offer* – Steve offered a complimentary strategy session to anyone on the webinar, and we’d like to extend that offer to you as well! In the strategy session, we’ll cover quantified strengths and opportunities at your credit union, as well as the retail and business service you should offer your members next. Schedule your strategy session here.

To watch the recording, simply fill out the form here.