SETTING THE STAGE FOR INNOVATION
The landscape for Canadian businesses is evolving rapidly, driven in large part by technological advances and consumers’ growing demands for new options. From touch ID and voice commands to blockchain and digital currencies, the pace of change in the financial services industry has accelerated, introducing both more choice for consumers and more complexity for all businesses, including financial institutions and credit unions.
The speed, scope and power of new technologies are improving how and what financial services are doing, making transformation a critical component to meet market demand and stay competitive. The status quo is clearly unsustainable and Canadian credit unions realize the value of being ahead of change: approximately 92 percent of financial and professional services organization decision makers say they are either undergoing or anticipate a business transformation in the next 12 months, according to MNP’s survey: The Transformation Wave: Change and Technology in Financial and Professional Services.* That’s higher than the national industry average of 84 percent.
In the survey results, 54 percent of leaders said technology was driving change in their organizations and 93 percent indicated that technology advancement was underway at their organization. However, 95 percent said they face barriers to successfully implementing a transformation initiative.
As the results show, credit unions are far from being immune to the wave of innovation and transformation. Many are grappling with understanding what they need to change, how they are going to implement that change and how to make it work for the organization and its members.
MNP
