Credit unions, COVID-19, and the future of cash

In 2020, everything changed. The pandemic fundamentally shifted the way we work, bank, and play toward digital. What role will cash play in our future? And how does that affect credit unions?

This question has been plaguing us for months now. I admit that I have been a polemicist regarding digital transformation. I believe that most credit unions simply can’t compete if they rely on branches, cash, and person-to-person banking. Big banks, fintechs, and big tech companies will provide the best digital banking solutions. But as COVID-19 “digitizes” our communities, it also digitizes our banking habits, and the long-term viability of community banking becomes uncertain…

My apologies for constantly yelling that the sky is falling!

I mention my doom-and-gloom schtick because the inception of this article was in a place of hope. I believe credit unions will be fine—better, even. I’ll get to why later. First, let’s talk about cash trends.

 

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