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Financial Brand releases report on digital ecosystem effect on financial institutions

Credit unions and banks are grappling with the need to be on the cusp of digital change, while also carefully monitoring the risks of attacks on private data. The Financial Brand examined that issue and produced a report about what financial institutions should focus on in this climate.

According to the report, “Digital banking disruption is going to impact every bank and credit union in the coming decade. Either an organization is going to be disrupted, or it will be causing disruption. Either way, preparing for this major transformation in banking will require changes in business models and adjustments in people’s roles and in the organization’s culture. The key will be in taking action to ensure financial and business success in the future.”

Author Jim Marous said those who embrace digital change effectively “will have the opportunity to increase revenues and decrease costs, positively impacting the customer experience and providing differentiation in the marketplace. Delaying this transformation will result in an organization that falls further behind what consumers expect, increasing the cost of playing catch up.”

Read the full article here.

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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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