Navigating Disruption and Achieving Evolution in the Credit Union Industry
Credit unions face a rapidly changing industry. In a recent article for the Credit Union Journal, author Eileen Iles discusses the situation that credit unions face and what strategies they can employ to remain competitive in a challenging and shifting environment.
Technology is generally cited as the biggest impetus behind change in the credit union industry. Other sources include changes in expectations of different generations, changes in the nature of the workforce (also due to the rise of a new generation), and the increased risk of cybercrime.
Iles suggests that credit union managers perform assessment and create a formal framework in order to navigate the tides of industry change. She offers the following seven steps:
- Identify and understand the internal and external factors and disruptors impacting their organization and industry.
- Develop a new vision of their industry and operations, given the new understanding developed in step one, above.
- Evaluate and update existing strategies in light of the new vision developed in step two.
- Re-evaluate, review, and revise the new plan, including the consensus of a variety of parties, such as the board, any stakeholders, and team members on different levels.
- Determine what gaps exist between the old strategy and the new, and develop steps to address them.
- Clearly communicate with all stakeholders throughout the entire process.
- Plan to regularly return, re-evaluate, and update the organizational strategy.
For more details, read the article in full at the Credit Union Journal.