“The future is in technology” is a statement we all hear regularly. It is obvious that many tasks in our daily lives now depend on technology and the Internet.
Most credit union boards have probably had a conversation in recent years about technology and the migration of members to online and mobile services. How will that impact your credit union? Will branches become obsolete? Can you continue to compete with larger national banks who can afford to invest more in technology?
CUNA Mutual Group recently published an excellent argument on 5 Reasons to Make Convenience a Strategic Priority. It is a conversation that is worth having (and revisiting) in your board room as well as with your management team. They can keep you apprised of capabilities that your contracted vendors have and how that might fit into your strategic direction.
Personally, I think members still crave some personal interaction and the new technologies offer a mix of personalized service, so that may make them even more attractive. What do you think?