CU leaders discuss trends in operations, payments, more amid COVID-19

Mission Federal Credit Union President and CEO Debra Schwartz, Webster First Federal Credit Union President and CEO Mike Lussier, Strategic Resource Management Senior Vice President Larry Pruss, and NAFCU President and CEO Dan Berger joined NAFCU COO and Executive Vice President Anthony Demangone for a wide-ranging discussion on trends in payments, lending, strategic planning, and more during a town hall Wednesday.

Technology

One of the core issues credit unions are facing is ensuring their technical capabilities are strong enough to support members as more adopt mobile payments and shop online during the pandemic. Lussier encouraged credit unions to review their mobile and online platforms to make sure they’re quick, easy to use, and accurate, and to bolster that with strong customer support. Pruss doubled-down on that sentiment stressing the need for a frictionless payments process.

For Schwartz, one key decision her credit union made was to hire an employee that was responsible for digital strategy, rather than having various departments trying to implement different components. In addition to investing in technology on the member side, Schwartz and Lussier also advised fellow credit union leaders to have business continuity plans in place and test bandwidth to ensure employees can work from home and credit union operations continue without interruption in the pandemic environment. Berger noted that more credit unions are accelerating their tech investments and strategy in the wake of the pandemic.

 

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