It is not difficult to see the fundamental impact digital banking and artificial intelligence has had on the very essence of the financial services industry, much less the credit union movement itself.
Nearly every financial institution and industry, in fact, has been affected by this cultural and technological deviation from the pre-pandemic norm. This evolution is particularly evident for credit unions, which have always been known and recognized for their focus on exceptional in-person member relationships and engagement.
This “digital transformation” as we like to call it now has not only elementally changed the consumer’s need for enhanced technological banking innovations, but the expectations that their given financial institution will be integrating them. According to a recent Experian Global Insights Report published in late 2021, consumers reported they are 25 percent more likely to be online than just a year ago. That means efficient, easy-to-use, and speedy processes are now the expectation for consumers. Unfortunately, such transformations are counted as a negative for credit unions. as they have a penchant for more limited technology budgets than other financial institutions.
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