Teachers Federal Credit Union: High-Tech, High-Touch Customer Engagement Accelerates Growth
Celent Model Bank of the Year: 2022
The imperative for financial institutions (FIs) to undergo digital transformation has only increased during the past two years. Many FIs are in various stages of transformation, but not all FIs are created equal. It is often said that “size matters” because with larger size comes larger IT budgets and the ability to hire and train top notch staff to plan and execute. It is also said that institution type also matters. For example, profit-based, publicly-traded banks are often believed to be superior than non-profit, member-owned credit unions and cooperative banks with respect to technology planning, innovation, and sophistication. This Celent case study argues otherwise.
Teachers Federal Credit Union has broken the mold for what an $8.7 billion asset sized credit union can do in digital transformation. For its ability to execute on a digital transformation strategy along multiple fronts (enterprise data management, unified customer relationship management, and optimized back office systems integration), Celent is delighted to recognize Teachers Federal Credit Union as Celent’s Model Bank of the Year* for 2022.
*although the name of the award include “bank”, Celent uses the term “bank” generically in its Model Bank award program. It could be any type of financial Institution, and this year it is!