Consumer enthusiasm for technology is growing – but they don’t necessarily think about it that way.
Instead, of “technology,” consumers want …
- Immediate access to the products and services they need.
- The convenience to manage their lives from anywhere.
- Fluid interactions that blend digital and in-person.
- Tailored experiences based on their habits and preferences.
- Personalized recommendations that accurately anticipate their needs.
As big tech companies and fintech disruptors incorporate these experiences into everyday life, credit union members have come to expect them across the board. If they are not present, it can lead to a disconnect – and dissatisfaction. In order to meet modern-day expectations, credit unions need a technology team with the right skills.
What tech skills do you need to work at a credit union?
Make Sure Your Team Has These Tech Capabilities
Credit unions need to focus on building a high-performing tech team with member experience at its core. After three or fewer bad experiences, 88% of consumers say they will switch to a competitor.
Perhaps a different approach is necessary when it comes to putting the right people and skills in place. With flexible, dynamic, and collaborative technology partners, highly cohesive, effective teams can be built more efficiently than ever. Regardless of the makeup of your team, be sure to tap into these skillsets.
1. Data Management
Your member-driven experience depends largely on this under-recognized role. Data alone is not enough. The data needs to be usable and actionable, which won’t happen without intentional effort. Effective data practices need to be woven into job responsibilities.
This involves collecting and integrating data from multiple sources, arranging and structuring it so that it is valid and usable, as well as storing and handling data securely. Having a framework and processes for good data management is vital for every credit union. Retroactively implementing them is expensive, time-consuming, and less effective.
2. Data Analyst
It is important for someone to take all of your well-managed data and turn it into strategic insights that create the best possible experience for each individual member, while at the same time optimizing the credit union’s performance. Data analysts are tasked with discovering the hidden wisdom buried in mind-boggling masses of data.
Using visualization techniques, analysts turn raw data into clear, actionable insights. Apart from designing idea member experiences, a data analyst can predict and mitigate risk, identify new business opportunities, and help credit unions identify the right footprint, channel, and product-service mix.
3. Data Marketer
Marketing plans for credit unions shouldn’t rely on intuition or tradition. Using member data, ROI-driven marketers can get a deep understanding of a credit union’s members based on their real-world behaviors. By combining demographic, behavioral, and transactional information, multi-dimensional member personas can be created, which underpin a marketing roadmap rooted in data science.
A data marketer can predict the needs, preferences, and future behaviors of members, which optimizes all marketing efforts. While operating more efficiently, marketing can create the highly personalized experiences today’s members crave.
4. Cloud Specialist
Business and industry started moving to the cloud a decade ago, and now, the financial services industry is following suit. Cloud computing simply offers too many valuable benefits to ignore. Today, credit unions are moving away from expensive and cumbersome legacy systems to agile, secure, and scalable cloud solutions.
It is essential to implement a solid cloud migration plan that accounts for security practices as well as how to integrate legacy software, disparate applications, and different data centers. For credit unions to fully utilize the cloud, they must have enough dedicated resources.
Bottom line: a tech-enabled team with the right tools and capabilities can deliver a uniquely amazing experience for every individual member. Members today expect no less.
By Roger Kohler, Trellance’s VP of Service Delivery
Learn how Trellance helps add the best technology talent to your credit union team with on-demand staff augmentation services.