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Transformation: where digital content and experience intersect

Information and processes - they enable the business of a credit union.

Information is created and flows through your organization to make things happen. To open accounts, to approve mortgages, to reward your members for their loyalty, to notify regulators that your credit union is compliant.

As credit unions look to leverage new technologies to create improved member experiences (on the inside and the outside) and become more efficient, how information is captured, shared and used is integral to achieving success.

Digitization + digitalization
The first key to unlocking the promise of digital transformation is digitization. Put very simply, it’s creating a digital format of an analog/physical piece of information. The easiest example would be a scanned document. But we need to take it a step further. It’s ensuring information and data is in a digital format and able to flow into a system, feed a workflow or complete a process.

For a credit union to move forward with any digital transformation strategy, the ability to digitize, search, tag and manage information is crucial.

Digitized information then empowers credit unions to approach things digitally.

How can information be used to automate business processes? Derive deeper insights about your members? And, most importantly, offer better digital experiences, for your staff and your members?

“When we talk to credit unions about their digital transformation journey, they want to know where they can invest to have the greatest impact on their organization and move forward on their transformation agenda,” said Rojin Nair, general manager, Fintech Solutions. “Digital process and content management is a good place to begin on the technology side because it allows them to find efficiencies and make things easier for their members. And they are also able to move to the next step of looking at how they can do things differently to automate workflows, and make the transition from improvement to transformation.”

This is where transformation starts becoming real.

Accelerating digital transformation
“What credit unions need to enable their digital transformation journey goes far beyond just content and records management,” said Nair. “They need solutions that support process automation, create engaging and responsive member experiences, and allow faster integration with new fintech capabilities.”

Celero did a global search for the best vendor and solutions to help credit unions evolve their operations and provide industry-leading digital capabilities and announced a partnership with Newgen Software last fall.

In addition to having a specific focus on banking and finance, Newgen offers ready-made solution accelerators that can help credit unions expedite their digital transformation. An example of a solution accelerator is taking a complicated lengthy commercial lending workflow and completely automating it to create efficiencies and reduce processing time.

“We want to help credit unions make that leap from conventional change to transformation, not just digitize processes developed decades ago,” added Nair. 

Last month, Celero hosted a joint webinar with Newgen featuring Craig Le Clair, vice president and principal analyst from Forrester Research to discuss how process automation can accelerate digital transformation.

Want to learn more about how your credit union can move from digitization to doing things differently? Read more or contact your Celero account executive to find out how.

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