The top 5 topics you’ll be talking about at Corelation 2019

Every conference is another opportunity to learn something new, whether it’s a unique way to use a product or solution or a deeper understanding of a burgeoning industry trend.

A great deal of that education comes in keynotes and speaker sessions. But even more comes via conversation on the show floor and throughout evening events.

Get ready to network

Diving into these issues is great fun, especially when you can contribute to the discussion. If you want to brush up on the latest topics before Corelation 2019, here are five worth studying:

1. Renewed focus on the member experience

Members’ needs and expectations are changing. They want a personalized credit union experience, from the moment they open an account or request a loan. Maybe well before that. In short, they want a sincere relationship with their credit union and an amazing member experience.

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.

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. Digital transformation – but with face-to-face relationships top of mind

The focus on customer experience has changed the digital transformation conversation. Not long ago, digital transformation defined the evolution of business processes from manual and paper-based to electronic. It has now become the foundation for the modern customer experience.

Here’s the twist. Even though members want the option of banking through the channels they are most comfortable with, they still enjoy visiting the branch and talking face-to-face with credit union professionals. In fact, members who use mobile and digital channels to do banking at least once a week are 60 percent more likely to be active branch users, according to a McKinsey & Company survey.

So how does digital transformation help employees deliver great service when they are face-to-face with members?

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.

3. Keeping information safe and secure

Can you fend off a cyberattack? Are you prepared to comply with the changing regulatory landscape? Are you replacing error-prone, paper-based, manual processes with secure digital versions?

While we strive for digital transformation today and look forward to FinTech’s promise of a revolutionary tomorrow, credit unions must not forget that information security is vital in the here and now.

Evolving federal and state regulations, like the New York Department of Financial Services’ cybersecurity law revision, won’t let you forget. The revision requires that financial services organizations meet minimum cybersecurity standards and report breaches to regulators.

Because so much confidential data passes through today’s business systems, we expect modern information management solutions to meet a higher degree of scrutiny when it comes to data security. Modern digital systems and procedures must be fully secure to retain the trust of members and protect credit unions from liability.

Show attendees will likely ask, “How secure are your solutions?”

4. Embracing intelligent automationcontent services and digital transformation

Nothing tarnishes the member experience more than when he or she must wait for credit decisions or have to work through a difficult and time-consuming application process. Digitally automating these processes can revolutionize a credit union and are often where these organizations launch their digital transformations.

Tools that employ built-in logic, intelligent routing, robotic process automation and machine learning can serve the right information to the right users at the right time. This feeds into our previous topic – giving members the experience they want and deserve, whether online or talking with a teller. Automation also reduces costs and improves speed, accuracy and transparency by minimizing repetitive, manual tasks and removing bottlenecks.

5. The rise of artificial intelligence

We’re not quite on the verge of Skynet, the digital villain of the Terminator film franchise, but artificial intelligence (AI) technology is already changing the way credit unions and members interact. AI is all about teaching computers to think and analyze while performing tasks. These technologies may include speech recognition, learning, planning and problem-solving capabilities.

How are financial institutions using AI today?

  • Chatbots for customer engagement to answer questions and make recommendations
  • Analystbots to detect fraud and help manage risk by analyzing portfolios and transactions much faster and more accurately than humans
  • Compliancebots to keep track of laws and regulations in real time, ensuring your institution is complying with regulations

AI can also affect the bottom line. Chatbot technology will deliver $11 billion in annual cost savings for banking organizations by 2023, according to a Juniper Research report.

Get ready to take notes

These five hot topics are hardly the only thing attendees at Corelation 2019 will talk about. There’s also marketing automation and the growth of FinTech startups.

And we didn’t even mention the cloud. That’s a post in and of itself.

So make sure to bring your notebook along. There’s a lot to learn.

Steve Comer is the assistant vice president of financial services and insurance sales.
Steve Comer

Steve Comer

Steve Comer is the assistant vice president of financial services and insurance sales.

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