An application of the knowledge management maturity model: the case of credit unions

Abstract

The purpose of this study is to investigate the level of knowledge management (KM) maturity of credit unions. The application of a maturity model to 15 credit unions in North America revealed that an overall level of KM maturity is at an early stage of development, but there are signs of future improvement. Credit unions operate in a highly competitive, knowledge-intensive financial industry and experience various pressures to increase their efficiency, which they can achieve through the implementation of KM solutions. Despite the absence of official KM strategies, KM projects were introduced locally in order to fill particular knowledge gaps. The availability of IT infrastructure and the implementation of KM-related technologies alone are insufficient to ensure universal success of organizational KM activities. Credit union managers periodically access and use academic research in their decision making. At the same time, they prefer accessing scholarly knowledge in translated form from books, practitioner magazines, and consultants. It was concluded that organizations competing in the knowledge-intensive sector have an inner need for KM solutions.

Keywords:

• knowledge management
• maturity model
• intellectual capital
• credit union
• financial services

Acknowledgements

This study is kindly supported by the research grant from the Social Sciences and Humanities Research Council of Canada. The authors are grateful to Filene Research Institute and Credit Union Central of Canada, and would like to thank two anonymous KMRP reviewers for their constructive feedback on the previous version of this paper.

Additional information

Notes on contributors

Alexander Serenko

About the Authors

Alexander Serenko is an Associate Professor of Management Information Systems in the Faculty of Business Administration at Lakehead University, Canada. He holds a Ph.D. in Management Information Systems from McMaster University. His research interests pertain to scientometrics, knowledge management, and technology addiction. Alexander has published over 60 articles in refereed journals, including MIS Quarterly, European Journal of Information Systems, Information & Management, Communications of the ACM, and Journal of Knowledge Management. He has also won awards at several Canadian, American and international conferences.

Nick Bontis is Chair, Strategic Management at the DeGroote School of Business at McMaster University. He received his Ph.D. from the Ivey Business School at Western University. He is the first McMaster professor to win Outstanding Teacher of the Year and Faculty Researcher of the Year simultaneously. He is a 3M National Teaching Fellow, an exclusive honour only bestowed upon the top university professors in Canada. He is recognized the world over as a leading professional speaker and consultant.

Emily Hull is a sales director at Interdev Technologies, Canada. She has an MBA degree from Lakehead University. Her research interests pertain to practical aspects of knowledge management.