“Most businesses overestimate the amount of change that will happen in the next two years and underestimate the change that will happen in the next 10 years. That observation is credited to Bill Gates, a guy who knows a little something about innovation.

As your credit union finalizes its 2020 technology budget, are you confident that you are effectively judging the magnitude of change that will occur in the short term, while keeping an eye on long-term trends? Technology experts say you must deliver a service standard that compares to Amazon or cutting-edge fintechs. But, allocating most of your budget to achieve those big wins as quickly as possible won’t be worth the resources if friction in your existing member service experience is causing you to lose market share, or at the very least, hamper growth.

Members expect an experience that compares to the retail giant, which provides service so personalized, it’s a “segment of one.” That is, successfully using data to anticipate a customer’s wants and needs, it recommends customized products and brings it home with a purchase process that requires as few clicks as possible.

Technology clarity that aligns with your budget can be found by organizing and planning your needs according to innovation horizons, which are divided into three tiers or timeframes that range from 12 months out to 36 months or more.”

The article: Digital Transformation & Data Strategies Should Be Top of Mind in Tech Budgeting