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by James Robert Lay on February 2, 2022
Brief Summary of Episode #163
65 to 85% of all digital transformation projects fail.
We don't have a technology problem. We have a people problem.
Human transformation precedes digital transformation.
The challenge is bringing others along with you, before it’s too late.
In his role as VP/Chief Digital Officer at Visions Federal Credit Union, Tom Novak has had to lead the charge in solving that challenge.
He says our biggest detractor is ourselves.
We're complacent, and we're getting in our own way.
To move forward, we'll have to take calculated risks.
Is that a perfect solution?
No, and it's certainly not a safe one. But it's the only way to generate progress.
Tom even created an algebraic expression to crystallize this concept:
Time + Effort + Willpower = Digital Transformation Centered Around People
The more we invest in the employee experience, the more it translates to a better member experience, better digital experiences, and more of a focus on what truly matters — people!
If we can start to empower people towards financial independence, we can advance the entire credit union movement.
Key Insights and Takeaways
- Why digital transformation begins with transforming people
- How to get alignment across your organization in order to change before you have to
- Why traditional financial institutions are falling behind challengers and even other industries — and how they can bridge the gap