For many years, digital banking platforms and applications have been improving while the use of cash in America and around the world has been declining. Recent advances in technology combined with social distancing measures have changed member wants and needs, and this is having big implications for credit unions and the role digital banking technology will play in their future.
Although some people in the financial world are debating whether cash is on the way out, what seems more likely is that cash will remain in play but take a back seat to digital banking options, digital wallets and even cryptocurrencies. What’s clear is that that the rise of digital banking and digital technologies is likely here to stay. Fortunately, if used wisely, digital banking can have many benefits for your credit union and members.
The reasons the days of cash may be numbered
There are several reasons digital banking solutions are soaring in popularity, and as a result, people are using less and less cash. Let’s look at some of the trends that are contributing to the rise of digital banking and the decline of cash in the United States.
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