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by James Robert Lay on June 21, 2022
Brief Summary of Episode #204
Financial brands know they have a digital problem.
The fine folks at Finalytics published their 2022 Credit Union Digital Maturity Index Report earlier this year.
Despite acknowledging that they relied on digital in their growth strategy, 86% of the credit unions surveyed admitted they were ill-prepared to leverage digital.
Why are so many FIs still struggling to go all-in on digital transformation?
The CEO of Finalytics, Craig McLaughlin, believes there’s a significant gap between their brick and mortar customer experience and digital. He argues that this legacy infrastructure is one of the biggest obstacles for older institutions:
“The problem is that when you transfer that over into digital, you've got a pretty big disconnect, right? The ability for a credit union to deliver this secret sauce in the digital channel just isn't there.”
Craig and I also discuss how leadership teams can empower digital change in traditional analog marketing methods.
He also shares some encouraging trends he’s seeing in the pursuit of digital growth in the financial space.
Join us as we continue to unlock new doors and close the digital gap in financial services on this episode of Banking on Digital Growth.
Key Insights and Takeaways
- Findings from Finalytics’ 2022 Credit Union Digital Maturity Index Report [1:46]
- Opportunities to empower change and align culture [15:46]
- Bridging the knowledge gap with training and education [26:38]