What’s a digital lending ecosystem and why should credit unions care?

Financial institutions aiming for long-term success need to revamp the way they think about digital transformation.

There’s a great line in the movie The Princess Bride: “You keep using that word. I do not think it means what you think it means.”

“Inconceivable” is the word the movie character was referring to, but if we were to apply this quote to the financial services industry then the word that is constantly being used is “digital transformation”—and based on Cornerstone Advisors’ research, most credit unions have no idea what it means.

In our annual What’s Going on in Banking survey, Cornerstone asked executives at mid-size banks and credit unions, “What new products or services does your institution plan to launch in 2021?”

The number one answer was digital account opening, which tied with existing system modifications/improvements.

 

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