Is your Credit Union Prepared for the Future? Part 2: The architecture of transformation

Credit unions across Canada are embracing transformation initiatives to streamline operations, capture new opportunities, and enhance the services they provide to members. However, transformation is a broad term — and you may be wondering if you are taking the right steps to secure your credit union’s position in the future. What areas should your transformation efforts focus on to future proof your credit union?

In the first part of our whitepaper series, Is your credit union prepared for the future? Part 1: Looking toward 2030, we examined the why dimension behind these transformation initiatives. This whitepaper highlighted three emerging trends that will require you to transform or redefine your credit union as digitization increases and membership preferences continue to evolve:

1. The evolution of financial products and services through partnerships and digitization
2. The imperative to embrace member financial wellness
3. Pursuit of growth through mergers and consolidations

The second part of this series will examine the what dimension — or what changes you will need to make within your credit union to achieve a successful transformation. Our advisors at MNP have identified two key areas to transform within your architecture to help your credit union remain competitive and ensure that it is prepared for the future.

1. Priorities will shift toward creating meaningful and inclusive experiences for all members, especially in the moments that matter most in their journeys.
2. The infrastructure of credit unions will transform to include not only new technology, but also governance and organizational structure, data, and ecosystem enablers.

We are sharing our perspective in this whitepaper to help provide your credit union with a roadmap for a successful and sustainable transformation. Throughout the following pages, we will discuss each of these areas in detail to help your credit union identify new opportunities and overcome hurdles to achieve a successful transformation.

However, it is important to adopt a mindset of continuous improvement throughout the transformation journey to ensure your credit union remains competitive both now and in the future. As Adam Fraser, Chief Operating Officer at First Credit Union, says:

"A shift in mindset is required to balance the needs of today with the needs of the future during the transformation process. It’s so easy to get locked into solving problems that exist today — and that often comes at the expense of anticipating what the future could look like. A change in perspective is needed to balance those two things. We need to adjust our own behaviour and our own expectations to recognize that we need to evolve the way we work, plan, and execute to remain relevant.”

Click on the links in the table of contents below to explore each area your credit union will need to transform on its journey toward the future.