Challenges Ahead for 2023
Make Sure You’re Ready
Robin Kolvek
CEO, VisiFI
25 December 2022
As 2022 comes to a close, it seems inevitable that organizations will look back at both successes and missed opportunities. At VisiFI, we’re looking ahead to 2023, the issues impacting the credit union industry, and the ways we need to be ready with strategies and technologies that drive success. Here are some of the top issues we’re keeping a close watch on in the year ahead.
Members want what they want, with real-time immediacy, and delivered with greater personalization than ever before. These expectations continue to accelerate. How your credit union responds to customer demands and expectations determines how well you’re able to set your organization apart from your competitors. So it’s key you provide consistent, secure, personalized experiences in every channel – however and wherever they choose to interact with you.
That means credit unions will see the digital investments already made continue to pay off. It also means it is not time to slow down your adoption of these technologies that enable you to support the personalized experiences members expect in every channel – and can get from somewhere else if you’re not able to deliver. Credit unions must continue to navigate digital innovation, be nimble, embrace new partners and ecosystem and be responsive to evolving consumer demands.
Machine learning and AI will play a big role in your ability to do this. Using member data, you’re able to deliver a highly personalized experience that gives them real-time access to accounts, applications, balances, payments and decisions. AI-driven chatbots, data-driven decisioning and online convenience are all part of the solution. So, even as human interactions continue to decline, you’re able to serve members how and when they want. That means loyalty for your credit union will continue to increase.
For credit unions, the desire to elevate member service to a higher degree through technology can be a pricey proposition. However, associations, alliances and CUSOs are enabling credit unions to adopt the latest technologies and capabilities, while sharing platforms and applications to offset the costs. That’s good news for credit unions who are looking for cost savings wherever they can be found.
Digital technology helps even the playing field and allows credit unions to grow wallet share, member numbers and profitability – unbound by physical branch locations and geography. Yet, at the same time, provide a degree of personalized service today’s customers want and expect.
Let’s face it, data drives everything today. It informs the decisions we make about lending, the services we offer to customers, and the relationships we create with members. Data is also at the center of a topic that is increasingly gaining attention – Environmental, Social and Governance or ESG.
So far, credit unions have been exempt from ESG investment reporting regulations. However, according to CUInsight, states like New York and California are asking for more information and trends are leading in this direction. So it’s important credit unions continue to develop data governance strategies that ensure they will be able to meet the potential regulatory record keeping and reporting for compliance.
As with any discussion of data, the issue of security and protection has to be at the top of list in every organization. VisiFI understands the importance of data in regulatory compliance and security. It is important for all credit unions and IT leaders to continue to invest in their technology solutions and data protection systems to prevent risk and stay current with regulations.
Everyone in our industry knows solutions require more than simply throwing money at the problem. At VisiFI, we are driven by an approach that compels us to innovate with purpose – not just extending our solutions, but going after the ideas that really matter. We engage and collaborate with our customers, gain their feedback, learn and adjust quickly. That means applying what we know to what you need. Often that puts us ahead of the curve in the digital technologies we’re able to develop to solve issues, introduce thought leadership, and enjoy the successes with our credit union partners.
Actionable, measurable, meaningful, purposeful – these are the watchwords for 2023. We’re excited to see how well they translate to growth and results in the year ahead.
