3 trends to prepare for at CUNA Technology Council Conference

Boasting one of the biggest credit union tech gatherings of the year, the CUNA Technology Council Conference in September promises to present new strategies and tools needed for our transforming world.

As you navigate from keynote speech to breakout session to show room floor, experts will be sharing a variety of topics, thoughts, and opinions. The key will not only be filtering through all of this information coming at you, but more importantly, being prepared to proactively engage in these conversations and sessions.

Prepare to engage

In preparation for this conference, here are the top three trends and topics in credit union tech to be aware of, so you’re ready for those inevitable, and important, show-room-floor conversations.

1. Members, members, members …

Member needs and expectations are changing. Not only do they want a personalized credit union experience from the moment they open an account or request a loan, but they want it now!

Technically, they want it yesterday, but now will do. In short, they want a sincere relationship with their credit union and an amazing member experience at a moment’s notice.

That’s important, because experts believe customer experience will overtake price and product as the key brand differentiator across industries. That makes every member’s interaction a chance to win or lose future business. Better communication and faster innovation to meet member needs is what it will take to be successful now, and well into the future.

71 percent of financial services organizations use information

to develop a competitive advantage.

Credit unions can jump-start this transformation by leveraging the valuable member data they already have – mobile banking, debit and credit cards, and ACH, for example – to better understand the needs of members and when to make the right product offer at the right time. They can join the 71 percent of financial services organizations who reported their use of information, including big data and analytics, to develop a competitive advantage over the competition, according to an IBM survey.

2. Transforming through optimization

The focus on customer experience brings forward the conversation about digital transformation. With that said, organizations do not have to transform their entire operations (i.e. systems, processes, etc.) to ensure the member experience is improved and efficient.

So, how can your organization transform by optimizing?

Simple. Access to information – a complete view of the member, if you will – gives employees the power to answer questions, solve challenges, and offer opportunities faster and more efficiently than ever before. And you can accomplish this with a simple, secure integration to a centralized platform.

Whether digitally transforming or optimizing, credit unions must not forget that information security is vital in the here and now. Because so much confidential data passes through today’s business systems, modern digital systems and procedures must be fully secure to retain the trust of members and protect credit unions from liability.

But again, information isn’t worth much if you’re not using it to provide excellent service and establish a competitive advantage.

3. Leadership

Beyond the evolving member and technological landscapes, organizations must focus on one key internal aspect to ensure they meet the demands of modern times.

What is this aspect? Employees!

During any transformation, a renewed internal focus on change management strategies will be necessary to ensure your organization is unified in its goal of providing the best customer experience in the most efficient way.

There will be obstacles, there will be reservations. But the organization that leads boldly will spend time with employees – ensuring they are trained and comfortable with improved approaches, both technologically and member focused.

Just like information, great technology isn’t worth much unless you’re using it to provide excellent service and establish a competitive advantage.

Engage!

Prepare to be engaged in great conversations with great people. There will be many sessions with a ton of information presented at this year’s CUNA Technology Council.

Make sure you devise a plan to capture as much information as possible to take with you and utilize at your respective organization. It’s great to learn, but if the information you receive at this conference does not transform into meaningful changes back at work, you might be missing a huge opportunity.

I look forward to seeing you in September and discussing these important topics! Stop by booth 47 and say hello!

Bryan Boynar

Bryan Boynar

Bryan Boynar is Hyland's global solution marketing manager for the financial services industry.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.