An analysis of the difficulties experienced by the credit union sector in Ireland engaging in Digital Transformation

The use of digital technologies has become prevalent in financial services in recent years. In many cases, consumers expect convenient access at times that suit them and from locations that suit them. The digitisation of such services can be considered a prime example of digital transformation. Credit unions are key players within the financial services landscape in Ireland credit unions with a membership of 3.4 million and a footprint in almost every town in the country. Credit unions have not advanced their digital transformation agenda in a meaningful or coordinated way. The focus of this dissertation which uses qualitative research methods, collecting data via in-depth interviews is on whether the heterogeneous nature of the credit union sector in Ireland acts as a barrier to digital transformation. From a review of the existing literature, it is noted that his topic has not been covered in detail. Taking into consideration the strategic imperative for digital transformation in today's financial services firms and the importance of credit unions to society, it was deemed that this research is required. The findings indicate a recognition within the sector of the importance of digital transformation to credit unions. The research finds that the credit union sector in Ireland contains many characteristics which indicate that it is heterogeneous and that aspects of this heterogeneity limit the ability of the sector to embrace digital transformation in a meaningful way. This research paper is a small introduction to a vital topic for the future of the credit union sector and its 3.4 million members. This research involved participants from six credit unions but its findings have relevance for all credit unions. It is recommended that the sectors representative bodies conduct further research in this area