The Decision Maker

Don’t Miss the Boat - Why Credit Unions Need to Digitally Transform Now

Posted by Mark Portz on Nov 7, 2017 11:07:00 AM

The term “digital transformation” has been a very hot topic recently, creating new conversations and products across a wide range of industries. This chart below, via Google Trends, displays the worldwide popularity of the phrase “Digital Transformation” in web searches since 2004. As shown in the graph, after remaining stagnant for over a decade, the term’s popularity has exploded in just the last year or so, raising questions about what this means, and how it will impact your organization.

An accepted definition for digital transformation is, “the application of digital technologies to fundamentally impact all aspects of business and society”. The important part of this definition is to realize that digital transformation does not mean just building a website, a mobile app, or obtaining a data warehouse. It means using your digital technology to transform your business processes. It means shifting your company culture to take advantage of your digital data to make informed data-driven decision and stay ahead of the ever-changing expectations of your members or customers.

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Topics: collaboration, FinTech, Digital Transformation

Building for the Future

Posted by Michael Cochrum on Apr 5, 2017 11:15:00 AM

When my brother and I were kids, we liked to build things. We built forts, ramps and anything else we could fashion out of scrap wood.  Typically, our projects served a specific function, to ward off rival “street gangs” of preteens from another block, to propel our dirt bikes into the air, or whatever else we decided could or would result in our becoming temporarily disabled.  We thought we were good builders, but the greatest evidence that we were not, is that our work does not exist in any form today.

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Topics: Big Data, Data warehouse, FinTech

Stop Worrying about Millennials; Say Hello to Generation Z: Part 1

Posted by Mark Portz on Mar 16, 2017 12:04:00 PM

There has been a major emphasis on making banking friendly for millennials. Of course, this is a necessity as millennials make up a larger percentage of the workforce and have different expectations for their financial institutions than previous generations. However, there are bigger changes to prepare for. If you are struggling to please millennials, a generation of adults who were impressed by the ability to send text messages and pictures as high schoolers, how will you be able to meet the needs of Generation Z – the generation who has been operating smart phones and tablets (and in some cases coding) before they could walk or talk?

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Topics: Millennials, FinTech

Global FinTech is on the Rise: Is your Credit Union Ready?

Posted by Mark Portz on Oct 5, 2016 10:21:00 AM

Financial Technology (Fintech) startups are making waves throughout the financial services industry. Traditionally functioning banks and credit unions are facing a time of extreme change, both competing with and potentially benefiting from these new financial technologies. KPMG recently released, “The Pulse of Fintech, Q2 2016: Global Analysis of Fintech Venture Funding” to accurately paint a picture of Fintech growth and funding.

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Topics: FinTech

In Case you Missed it: CBS' 60 Minutes on Banking Disruption

Posted by Austin Wentzlaff on May 2, 2016 12:04:30 PM

At OnApproach, we have been talking a lot about the imminent threat of industry-wide disruption of Financial Services spurred by the rise of new start-ups and technology (known now as FinTech). Credit Unions and banks alike are on the cusp of experiencing unprecedented competition in the form of new innovations from non-traditional competitors looking to take a piece of the financial services pie (e.g. Apple). This is the primary driver for our Analytics and Financial Innovation Conference being hosted this June: http://www.axficonference.com/

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Topics: FinTech

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