The traditional brick and mortar model has worked well for credit unions over the years. So long as they continue to deliver superior member experiences, that won’t change anytime soon. However, as more financial institutions offer mobile and online services, digital transformation will quickly grow in importance for your credit union.
Increasingly, the platforms on which credit unions engage and support their members are in the digital realm. While credit unions still offer phenomenal services in their brick and mortar branches, not all have the same level of digital sophistication typical of tech-savvy newer businesses. As younger generations begin their financial journey, poor technological performance will become an issue.
Who is the Competition?
Normally, credit unions have to deal with fairly predictable competition: big banks, community banks, other credit unions, and boxes hidden under mattresses. Credit unions have been able to distinguish themselves well in the field of financial institutions.
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