MADISON, Wis.—Saying the COVID-19 crisis has further exposed the major disparity between credit unions that offer digital financial services and those that do not, the Worldwide Foundation for Credit Unions said it is looking to accelerate the digital transformation of credit unions worldwide through a new fundraising campaign.
Called “Everyone Deserves Digital,” the money raised through the campaign will go toward the Worldwide Foundation’s Priority Fund, which supports World Council of Credit Unions’ project development work.
World Council is currently helping credit unions in Haiti reach more rural members with digital financial services through its Accessible Finance Activity. It said it is also designing an interoperable, open-loop, low-cost, real-time payment platform for its network of credit unions across Asia through the Interoperable Digital Financial Services for Credit Unions Project.
The Foundation added the Everyone Deserves Digital campaign will help to ensure World Council can make digital financial services a primary focus of its project development work going forward—so credit unions are better prepared for the next crisis.
“We are launching ‘Everyone Deserves Digital’ because digital services are no longer a convenience—they’re a health necessity,” said Mike Reuter, executive director of the Worldwide Foundation.
Risk to Employees
The Foundation noted credit unions that do not offer digital services must still conduct face-to-face transactions. While those credit unions that are taking safety precautions during the COVID-19 pandemic—such as employing social distancing and utilizing personal protective equipment and hand sanitizer—their staff and members are still at a greater risk than they would be if those credit unions could offer digital services.
“But in order to digitize we need peer support. We hope leaders at credit unions that offer digital services—and understand the level of safety they provide—will consider investing in our ability to supply more financial cooperatives with the tools necessary to make digital services available to those who need it most,” added Reuter.
For info, visit the Everyone Deserves Digital campaign page.