Business View Caribbean | August 2019

5 BUSINESS VIEW CARIBBEAN AUGUST 2019 CARIBBEAN CREDIT UNIONS ENCOURAGED TO USE TECHNOLOGY TO IMPROVE CUSTOMER EXPERIENCE T ectonic shifts are taking place in the financial services sector as technology- enabled innovations continue to change how customers do business. In this evolving landscape, the community banks and credit unions that understand how to adapt stand the best chance of success. Those that fail to innovate risk irrelevance, or worse, failure. This was the message delivered by technology strategist, Bevil Wooding, who gave the keynote address to a recent gathering of top executives and leaders of credit unions from the Caribbean, North America, and other international markets. Wooding spoke about the impact of disruptive technology on the customer service experience at a special chief executive officer’s (CEO) roundtable hosted by the Caribbean Credit Union Managers Association, as part of the 2019 World credit union conference held in The Bahamas. “Credit unions have always prioritized superior customer service, in part to distinguish their experience from traditional banks. However, credit union members’ expectations of what is a superior customer service experience are changing rapidly. However, the technology is improving quickly, and many community banks and credit unions are struggling to keep up with changing expectations of customers and the reality of competition in the digital age.” OPENING L INES