The effects of the COVID-19 pandemic, as it’s been widely recognized in the last year, accelerated mobile banking innovation in the financial services industry.
While it’s also true that the technology for mobile banking had already set sail towards beautiful horizons, the coronavirus sped up our efforts in digital innovation in virtually every respect. Some credit unions, to their credit, were already incorporating new member-friendly financial technology into their systems, fintech like our CUSO mobile life event lending platform, QCash.
Such platforms enabled members to perform their banking tasks remotely, thereby not risking their health by frequenting their usual brick-and-mortar locations. Fintech has provided both credit unions and their members new life, not to mention increased consumer expectations.
In June 2021, the Credit Union National Administration’s (CUNA) Credit Union System Digitization Working Group expanded on that spirit of innovation with their most recent industry overview by discussing high-level takeaways for how credit unions can utilize digital to strengthen the credit union experience.
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