Don’t Let Legacy Tech Hold Your Credit Union Back

On April 15, 2020, Total Expert Senior Vice President of Banking and Credit Unions Mike Manahan was featured in NAFCU Services.

Whether your credit union has been around for a few decades or a hundred years, it can be a challenge to modernize your organization’s marketing and the technology you use to reach prospects and better serve your members.

You’re not alone. When asked to identify the greatest barrier to their financial institution’s ability to drive digital transformation, executives cited their complex legacy IT environment and the cost of modernizing as the most significant obstacle to adopting new technologies.

Everyone is feeling pressure to join the race toward a better member experience, and this means making better use of the data you already have on hand.

We recently surveyed financial marketers and found that only 9 percent of credit unions store data in a centralized location and a mere 19 percent regularly use institutional data to educate members about their products and services. If your data is stuck in silos or hard to access, it’s easy to imagine why you’re not leveraging actionable insights more often, but that doesn’t mean you can’t take steps toward a more efficient, data-driven future.

Here’s why it’s worth your time to advocate for investment in better technology to keep your credit union focused on the future.

Read the full article on nafcu.org.