For too long, credit unions have been focusing their energies on fighting change. However, according to industry leaders, this could be where they have been going wrong. Instead of dwelling in the past, modern credit union CEOs are beginning to look to the future. The term “thrive on change” is now becoming a byword among credit union presidents. Instead of always looking backward, it’s time to face the future proudly and confidently. Embracing new developments is the key to this. This is anything from adopting advanced payment processing software for credit unions to finding modern ways to engage with members.
What Does Change Look Like for Credit Unions?
Credit unions are still suffering from an old-fashioned image. Many people still believe credit unions are a thing of the past. Some Millennials have never even heard of their services at all. So, what’s the key to survival in the financial industry of today? The answer is to embrace change.
The most successful and thriving credit unions in the United States are constantly discussing and exploring new ideas. They are open to handling the constant change the financial industry is going through. They are seeking new solutions to age-old problems, as well as searching for answers to more modern issues.
Some of the most important elements for credit unions to address revolve around engaging and attracting members. Finding new ways to achieve both goals is paramount. It may sound impossible. However, these goals are attainable. Some of the best credit unions have already achieved the impossible. They have adopted the latest technology and communication methods. The results have been extremely positive.
Credit unions don’t need to focus on traditional offerings and services. There’s no reason why they can’t take a risk and adopt more modern technologies. In fact, those organizations that have done so have seen impressive results. Let’s look at one example.
One credit union has introduced an Alexa Skill that has account-linking capabilities accessible by Amazon Echo devices. It doesn’t get more cutting-edge than that. By simply adopting this latest technology, the credit union has brought itself up to date. It is telling its members and prospective members that it is a forward-thinking credit union. Existing members can engage more effectively. Meanwhile, prospective members become more interested in the possibilities that this organization can provide.
However, it doesn’t stop there. The very same credit union has even more modern offerings available to its members. It offers check-imaging ATMs, dialogue/pod stations that its members can use, and even Apple Pay. The difference that they can achieve by adopting the latest payment processing software for credit unions is huge. Modern credit union payment solutions can revolutionize the operation of any organization.
Change for Staff, Too
While change for members is important, making changes for staff is also a key element to modern success. The most successful credit unions have realized their employees’ well-being has an important role to play. They are investing in cutting-edge workspaces for their staff members. They are listening to what employees want and need. They are investing in advanced office technology to make the daily grind easier. Most importantly, they are inspiring employees to develop new initiatives. By introducing a culture of looking beyond, the whole credit union team begins to focus on the challenges of tomorrow.
Starting with The Basics
For many credit unions, making changes can seem impossible. Starting small is the key. The best place to start is to adopt modern payment processing software for credit unions. By simply introducing the option for members to use credit or debit cards, credit unions can improve their image.