Speed matters in the battle for digital

We all got better at digital in 2020. COVID-19 accentuated trends that were already in motion. Closed branches and stay-at-home orders meant every credit union had to accelerate their level of digital functionality and sophistication and provide members with a more seamless and engaging experience.

Today, there are strong indications your members will increasingly use digital tools, either because they like their convenience and features or because ongoing pandemic-related flareups make it impractical to access services in-branch.

A recent survey from Forrester found that since the start of COVID, 63% of consumers agreed/strongly agreed they preferred to manage their finances online, 43% planned to use cash less often going forward and 43% thought they’d go to their branch less frequently in the future. Another proof point of the power of digital: this same study found 59% of survey respondents planned to continue using digital banking going forward.

As branch lobbies begin to re-open, it might seem like your credit union has a bit of leeway before you need to continue your digital transformation. But it’s likely you don’t.


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