Credit Union System Digitization Group releases its first report
Credit unions identify gaps and opportunities to expand their digital footprint
WASHINGTON, DC (July 26, 2021) — The Credit Union System Digitization Working Group, led by Credit Union National Association (CUNA) Chief Engagement Officer Greg Michlig, today released its June 2021 Industry Outlook. The report gives an overview of current and expected digital trends in the financial services sector and explores ways credit unions can leverage technology to drive member satisfaction.
“This working group was created with both credit unions and their members in mind. We know that in this digital-first environment, member needs are changing,” said Michlig. “Our goal is to create broad awareness around what’s driving digitization and to take a closer look at what this means for the credit union system.”
The Credit Union System Digitization Working Group is divided into five workstreams that identify roadblocks, explore solutions, and execute ideas that will propel the digitization of the credit union industry. The report includes an overview of their goals and some of initial findings.
- The Analytics and Intelligence workstream is assessing how credit unions can leverage analytics tools to help their members track and achieve their financial goals.
- The Empower Employees workstream is examining how credit unions can use technology to compete, stay relevant, and attract new talent.
- The Member Relationships workstream is responsible for identifying digital solutions that would simplify the member experience.
- The Optimize Operations workstream is exploring the barriers credit unions face when implementing new technology into their systems.
- The Transform Products workstream is responsible for identifying fintech partnership opportunities that can help credit unions reach a new generation of members.
The Credit Union System Digitization Working Group evolved from the CUNA COVID-19 Restart and Recovery Task Force and is a collaborative effort of 41 leaders from across the credit union movement to ensure that credit unions and system partners can remain relevant in this fast-changing operating environment.
You can read the full June 2021 Industry Outlook here.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.