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Marous: Innovate or be left behind
Co-publisher of The Financial Brand and Owner and Publisher of the Digital Banking Report Jim Marous Thursday discussed how credit unions can navigate in a post pandemic reality during NAFCU's State of the Industry virtual event.
During the keynote – underwritten by CUNA Mutual Group – Marous, consistently rated as one of the top five most influential people in banking, noted "the world has changed quite a bit, and nowhere has it changed as much as in the financial services industry."
Marous credited automation and technology for changing all aspects of the way people do their work, highlighting that "work may no longer be a place where you go, but simply what you do."
Marous encouraged credit unions to embrace the change – while getting know their customers, understanding their needs, and rewarding loyalty.
Additionally, Marous advised credit unions to ask themselves two questions as they pivot to focusing on "everywhere, anytime" engagement:
- How will we cross-sell?
- How will we engage?
"Consumers increasingly want their financial institutions to know them and look out for them," said Marous, underscoring the importance of data, personalization, and seamless delivery.
Marous also advised attendees to take advantage of key technologies in efforts to innovate and keep up with demand, such as:
- multi-channel delivery;
- autofill capabilities;
- personalization; and
- improved use of artificial intelligence.
In closing, Marous reminded credit unions to find a balance when implementing these strategies by developing human solutions augmented by the intelligence in place.
NAFCU's landmark State of the Industry event virtually brought together credit union executives and board members from across the country to dissect current trends and examine what’s coming next. Sessions from the event, including Marous' keynote, are now available to watch on-demand online and on the event app.