Digital adoption among consumers has risen dramatically during COVID-19, spurring a rise in member expectations for what it means to bank digitally. While financial institutions continue to invest in the digital member journey, credit unions have never deviated from their original mission of “people helping people”.
“One of the things that fintechs did over the past 10 or 20 years is place consumers’ needs and journeys front and center,” said Tom Church-Adams, SVP of Pay Products at CO-OP, in a recent PYMNTS.com interview. “It’s something that has really stirred up the industry, particularly in the fact that they could move really quickly in building and launching new products.”
He continued, “What’s interesting is that the approach fintechs have taken is built into the DNA of credit unions already. Credit unions are naturally consumer-centric, member-owned institutions that always keep their members top of mind, because they are the only group they serve. If credit unions can translate the DNA they already have to the digital side, they are well-positioned to do something that every other institution is trying to do.”
What this “something” includes, is bundling digital services into convenient, accessible packages designed to meet members where they are today. Specifically, credit unions should focus their investments on meeting three key objectives:
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