Finalytics.ai Launches Digital Maturity Index Survey, Measures Credit Union Priorities and Competitive Positioning
Respondents reveal gap between digital intentions and execution and need for member-centric strategy
SAN MATEO, Calif. March 9, 2022 - Finalytics.ai powers segment-of-one digital experiences for credit unions. The company has announced results from its 2022 Credit Union Digital Maturity Index survey which investigates the current state of digital in the credit union industry. Credit unions ranging in asset size from $133 million to $31 billion participated in the survey.
The survey found that 86% of credit unions agree that their competitive strategy is reliant on digital, however, most are not sufficiently prepared to leverage it. For example:
Only 14% of credit unions completely agree that they have the appropriate flexible, iterative, and collaborative approach to execute a digital strategy.
Respondents scored their capability to use modern technology (like APIs, cloud, artificial intelligence (AI)) higher than other abilities, but only 14% completely agree that they have those technologies in place.
Although internal and external data drive outcomes, only 12% of respondents had this capability, amongst the lowest score of all the areas measured.
The survey also revealed that a surprisingly low number of credit unions had the proper focus on members when building a digital strategy. For example, only 36% of credit unions indicated they use member journeys to drive the business, while 17% of respondents completely agreed their credit union prioritizes decisions on digital based on member experience.
“Our survey showcases a significant gap between the value that credit unions assign to digital and their ability to successfully leverage a digital-first strategy. Technology spending has increased during the pandemic, but it is evident that credit unions still lack preparedness in technological and cultural areas”, said Craig McLaughlin, co-founder, and CEO, Finalytics.ai. “What it means to focus on the member now must stretch from the focus of the organizational structure to how data sources and advanced technology are applied. By directing attention to the users and leveraging internal and external data, credit unions will be able to offer digital experiences that go beyond personalization to create segment-of-one digital experiences addressed to meet the needs of their members.”
Leadership was identified as the area where credit unions felt the most prepared to execute their digital strategy. However, only 26% of respondents agreed they had the right leaders to carry out their day-to-day digital strategies. McLaughlin adds, “Digital transformation must be led from the top down rather than being a project that is delegated down the organizational chart. Otherwise, business as usual will remain firmly entrenched.”
The full report is available to download here.
Silicon Valley-based Finalytics.ai is the first credit union platform to apply real-time big data, and machine learning in a way that can address the unique needs of prospective and current members. Its “segment-of-one” experience is based on individuals’ unique identities, orchestrating their financial journeys using dynamic segmentation and content to address their needs. This allows institutions to compete more effectively, drive consumer acquisition, and improve retention. Visit https://finalytics.ai/ to learn more.