This article was originally posted on CUManagement.com
The economy is struggling due to labor shortages, interest rates are soaring as the Federal Reserve hiked its key interest rate to the highest in 22 years, the CFPB and Attorney Generals are paying close attention and exposing potential borrower sensitivity concerns, all the while credit unions are striving to embrace a mindset of innovation amid economic crisis. Allied Solutions’ CEO Pete Hilger recently addressed a room of credit union executives on the importance of being innovative in order to successfully grow.
Against the recession-like backdrop sits the credit union movement, positioned to innovate and grow like never before. During the financial crisis of 2008-2009 many credit unions missed the mark. Consider this a second chance, not something that many leaders have during their career. With the right mindset, credit union leaders can take advantage of the growth opportunities the current economic landscape presents.
Embracing an Innovation Mindset
It’s no surprise that technology and artificial intelligence are the driving forces of banking innovation. Digital innovation isn’t a myth or fleeting trend. It is here to stay.
Consider this: What digital moves can you make so that your credit union is less dependent on the human factor?
When you start to go digital and embrace AI… (continue reading here)