Taking Steps Ahead: Credit Unions Plan their Path Forward

On their latest interview with Mike Lawson on his Credit Union Broadcast, Pure IT Credit Union Services co-founders Jack Smith and Kyle Stutzman pickup the technology strategy conversation from eight weeks ago. Now credit unions have pivoted from immediate disaster recovery and business continuity tactics like igniting remote workers and enabling digital service, to plotting steps ahead. Credit unions are now building the new financial service model.

With the focus shifting from present to future tense, credit union leaders are reassessing and realigning their core business mission -service – into a new set of economic and business implications. These new variables have impacted business plans at a strategic level, accelerating marketplace advancements at an expedited rate.

Where credit unions used to have the luxury of choice, now are thrusted into fully digital financial service. For those who were reluctant or in the early stages of virtualization, adaptation has lead to extraordinary ways to accommodate membership, staff, and organizational needs.

For the credit unions who had already embraced our digital revolution, March only pulled the throttle on their virtual journey. Now with six months until the new year, leadership is tasked to adjust their current financial and operational budgets into unprecedented conditions.

Regardless of their size or region, credit unions across the nation have united under a shared experience of adaptation, relentlessly meeting the needs of their communities in times of sudden change and high uncertainty. Though the path ahead is still being paved, it is clear what direction credit unions are headed.

This fluidity can mean opting for unconventional ways to accomplish the same goal. There are more options than ever before when it comes to utilizing technology to accelerate operations, many at low cost and minimal investment, opening digital service.

Technology enables flexibility and empowers innovative tactics, ultimately strengthening the credit union with opportunities where service was once locked into expensive capital investments and pricey overhead.

Advice for credit unions was simple, “Keep on moving, keep taking one step ahead towards your strategic plan,” said Kyle Stutzman, urging organizations to stay flexible, creative, and seek to open to new ways on meeting overarching business goals. The route may have changed, but the journey has not stopped.

To watch their entire interview, please visit : https://vimeo.com/425657177