WASHINGTON–The Credit Union System COVID-19 Restart and Recovery Task Force has released new findings for credit unions regarding business continuity, digital services and automation, staffing and operations, and industry financial impact.
For credit union members, the expectation for service has seen a residual increase due to the migration to a mostly digital environment, CUNA said.
“Credit unions have adopted a more strategic approach to staff training to better equip employees to provide stellar digital service to their members,” CUNA said in releasing the report. “The path forward for many credit unions will be a hybrid approach to service, combining both digital and face-to-face interactions.”
According to CUNA, some credit unions on the task force are looking to modify their structure to support universal banker roles as they repurpose facilities that were intended for large volume, in-person transactional services.
“Many credit unions have already made this transition this over the past several years while others have kept more traditional service models in place,” CUNA said.
The Obstacles
Among the obstacles reported: A perceived lack of planning and training tools around implementation of universal banking practices. CUNA said it has endeavored to meet this need with 32 CPD Online modules on universal employees.
“Since the start of the coronavirus pandemic, the credit union business environment has evolved as staff members shift to remote work and attention to providing digital financial products grows,” said Greg Michlig, chief engagement officer with CUNA. “The Task Force is actively and collectively thinking through ways we can provide strategic insights for credit unions as they continue to adapt to the realities of the COVID-19 world.”
As part of the shift to digital service, technological innovations such as contactless card payments, the task force noted DocuSign and eSign services, e-notaries, and virtual teller technology have seen an uptick across the industry.
“As credit unions look to maximize returns on investment, there will likely be a push to further integrate tech services into core platforms,” CUNA said.
Other Notes
The task force noted:
- The pandemic has also magnified the need for Americans to address financial well-being, economic disparities have grown, putting consumers who were struggling pre-COVID-19 into worse financial straits. “To address this reality, credit unions have dedicated additional resources to financial counseling so that staff can improve members’ financial journeys,” the task force said.
- Data sharing has also been a critical issue during task force meetings. The leagues and CUNA said they are partnering to collect data from credit unions across the country regarding loans, mortgage forbearance and extensions, fee waivers, loan payment extensions, PPP loans, and new products. To minimize duplicative efforts in the marketplace, Inclusiv has joined data collection efforts, CUNA said.
- With representatives from a number of credit union organizations participating, there has been an opportunity to discuss macro trends in lending as it relates to more specific categories, while gathering observations and operational impacts from the credit unions on the task force.
Presentations Made
According to CUNA, at the most recent meeting, Kristina Grebener, CUNA vice president of market intelligence, shared survey results and information gathered from CUNA Communities and CUNA Council member discussions on COVID-state credit union operations. The task force also heard an update on data collection practices and insights from League presidents, the Filene Research Institute and Inclusiv, CUNA said.
In addition, Terence Roche, co-founder and partner with Cornerstone Advisors, presented an overview of research their organization has done throughout the financial services sector.