Slow and steady wins the race. Nice advice and an old maxim. But does it really apply to the digital age and especially to the financial services space? That's what we at Infosys Finacle wanted to find out when we collaborated with Cornerstone, a financial services and technology consulting firm. The study focused on a small corner of the vast financial services world that is often under-reported and under-represented when it comes to surveys: the credit unions.
For the uninitiated, credit unions are hybrid institutions. Like banks, they give loans and take deposits from customers. But they're not open to simply anyone who has the money to bank there - at least, that's how they were born. Credit unions are members-only financial institutions that revolved around a certain segment of customers, so the idea was that the loan officers and bank tellers who worked there knew more about the needs and concerns of, say, a construction worker or a telephone company employee.