Breaking Digital Gridlock, + Website

Introduction

Five Myths about Going Digital

Before an organization can break its digital gridlock, it is necessary to dispel the myths that prevent it from moving forward. In the past 20 years I have visited hundreds of credit unions and spoken to hundreds of executives and board members. Based on this experience, I have identified the top five myths that prevent that bank executives, board members, and staff from believing in digital. The first step in moving forward with digital transformation is to realize the truth.

Myth 1: We Are Too Small for Digital

This is my favorite myth, and it's the easiest one to dispel. In terms of digital transformation, being small is actually a huge advantage. If you don't believe me, consider this for a moment: Why did the Titanic sink? Most people believe it is because the ship hit an iceberg.

Nope, I say. The Titanic's crew saw the iceberg and may have had just enough time to correct their course.¹ I argue that the real reason the Titanic sank is because it couldn't turn in time. It's hard to turn a large ship, and large organizations face the same difficulties. The more people, branches, and assets an organization has, the longer it takes to retrain, revamp, and retool the people, places, and things required to support digital transformation. Smaller institutions have the advantage because they are more nimble. In fact, the biggest challenge for the smaller institution is not turning too quickly and throwing people overboard.

Myth 2: Our ...