Is your Credit Union Prepared for the Future? Part 3: How to mitigate shortfalls during transformation
Is your Credit Union Prepared for the Future? Part 3: How to mitigate shortfalls during transformation
Embracing transformation is necessary to help your credit union remain competitive in an evolving marketplace. However, many credit unions frequently encounter shortfalls in the journey towards transformation in areas including:
- Strategy development and execution
- Operating model alignment
- Developing an enterprise architecture blueprint
It is crucial to understand each of these shortfall areas and take the right steps to mitigate them during the transformation process. This will help your credit union achieve the full benefits of transformation and ensure it continues to thrive in the future.
Canadian credit unions and the broader financial services industry are facing significant challenges in today’s business, economic, and regulatory landscapes. New technologies are emerging in the marketplace, and member expectations are continuing to evolve. It is critical to embrace transformation initiatives to ensure that your credit union remains future proof in the years ahead.
The first part of our Credit Union Transformation series examined the why behind transformation and discussed three emerging trends that will require you to transform almost every dimension of your credit union. The second part of this series examined what changes you will need to make to the key organizational components of your credit union to achieve a successful transformation.
This third and final part of our whitepaper series examines some common areas where transformation initiatives fall short — and how your credit union can mitigate these shortfalls. The following pages will focus on gaps in:
- Strategy development and execution
- Operating model alignment
- Developing an enterprise architecture blueprint
This whitepaper will provide you with an overview of each potential shortfall area and discuss mitigation strategies to help your credit union achieve a successful transformation. It will also share insights from leaders in the credit union space about their own transformation journeys.
Additionally, this whitepaper includes two checklists showing the questions that your credit union’s board of directors and executive leaders should ask to prevent or mitigate shortfalls during transformation.
While transformation is a challenging process, it is also a rewarding and exciting experience for all stakeholders involved in the journey. Let’s review how your credit union can navigate through uncertainty, mitigate shortfalls, and secure its position in the future through transformation.
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.
Table of contents
- Shortfalls in operating model alignment
- Target operating model (TOM)
- Front-end delivery
- Support capabilities
- Business and technology synergies
- How to mitigate shortfalls in operating model alignment
- Shortfalls in the enterprise architecture blueprint
- Business architecture (BA)
- Technology architecture (TA)
- Data architecture (DA)
- Standards, policies, and procedures
- How to mitigate shortfalls in the enterprise architecture blueprint
- Checklist for the board of directors: Key questions to ask during transformation
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