That may be part of the reason that the credit union leaders we surveyed are still ramping up their digital transformation. A full 60% say their organizations are in the process of developing a digital transformation strategy, and less than one-fifth (17%) are currently implementing one. Yet digital maturity is clearly on the move: only 3% of respondents reported no plans at all for digital transformation.
Digital transformation contains a big bucket of tools and technologies, but credit union leaders are tailoring the tools they choose to the strategies they use.
The most popular technologies among our respondents are popular by a large margin: data analytics (deployed by 40%) and cloud computing (by 34%). Enterprise resource planning software, the next most popular tool, stands at 14% deployment.
Even more interesting is the number of technologies that first-adopter organizations plan to deploy in the next year. Credit union leaders see the digital maturity gap—and are taking steps to raise their game.