One of my favorite books about how the Internet and digital technologies have changed the way we do business is ‘Blur: The Speed of Change in the Connected Economy’. Written way back in 1999, the book was remarkably prescient in talking about how ‘speed, connectivity and intangibles’ will combine to transform business processes throughout the enterprise –
Speed is the shrinkage of time through near-instantaneous communication and computation. Connectivity is the shrinkage of space with the advent of the Web, E-mail, beepers, and other media of communication. Intangibles are values without mass, most importantly knowledge and its mobility, made possible through Speed and Connectivity.
Most important, when it comes to creating value the traditional lines distinguishing products from services are “blurring.”
There are many lessons to be derived from the book, but I want to focus on applying this insight to one credit union business process in particular – the onboarding of new members. Specifically, not just the discrete process of signing up members (i.e., filling out applications), but the process of engaging them in order to transform your credit union into their primary financial institution.