WASHINGTON–CUNA’s Credit Union System Digitization Working Group has releasedits June 2021 Industry Outlook.
According to CUNA, the report gives an overview of current and expected digital trends in the financial services sector and explores ways credit unions can leverage technology to drive member satisfaction.
“This working group was created with both credit unions and their members in mind. We know that in this digital-first environment, member needs are changing,” said CUNA’s chief engagement officer, Greg Michlig. “Our goal is to create broad awareness around what’s driving digitization and to take a closer look at what this means for the credit union system.”
The Credit Union System Digitization Working Group is divided into five workstreams that identify roadblocks, explore solutions, and execute ideas that will propel the digitization of the credit union industry, CUNA said.
An Overview of Goals
The report includes an overview of the working group’s goals and some of initial findings, including:
- The Analytics and Intelligence workstream is assessing how credit unions can leverage analytics tools to help their members track and achieve their financial goals.
- The Empower Employees workstream is examining how credit unions can use technology to compete, stay relevant, and attract new talent.
- The Member Relationships workstream is responsible for identifying digital solutions that would simplify the member experience.
- The Optimize Operations workstream is exploring the barriers credit unions face when implementing new technology into their systems.
- The Transform Products workstream is responsible for identifying fintech partnership opportunities that can help credit unions reach a new generation of members.
Meeting This Week
In a call with the credit union trade press, Michlig said the Working Group will meet for the fourth time this week. He said the group remains focused around identifying gaps and opportunities for credit unions, and that the group will continue to meet for an undetermined amount of time in the future.
The Credit Union System Digitization Working Group evolved from the CUNA COVID-19 Restart and Recovery Task Force and is a collaborative effort of 41 leaders from across the credit union movement, CUNA said.