MADISON, Wis.–The World Council of Credit Unions (WOCCU) has introduced a new Digital Transformation Lab, which it described as a virtual platform that allows it to feature the very latest digital transformation components being used in its development projects worldwide.
The platform will also function to engage its members and partners to share their own experiences, so all can learn from each other, WOCCU added.
According to WOCCU, it is currently testing the latest technology for digital payments, digital lending and digital identity.
“We are running up walls, falling down, and running right back up and over them,” WOCCU said.
Specific Projects
Among the projects in which it is involved:
- In Ukraine, WOCCU said it is developing and testing digital tools to inform lending decisions and effective loan monitoring for select credit unions.
- In Kenya, it is testing mobile apps in that allow financial cooperatives to better identify lending risks for small farmers.
- In Asia, it is leveraging support from the Bill & Melinda Gates Foundation to pursue digital financial inclusion for more than 50-million people through interoperable payment platforms that will connect credit unions across the continent—and ultimately the world—through the use of open-source software.
Input Invited
WOCCU said it is also inviting credit unions, members and partners to connect with it and share their own experiences with digital transformation.
“World Council of Credit Unions has members in 118 countries on six continents whose credit unions reach expansively into rural and remote areas,” said WOCCU President and CEO Brian Branch. “Digital transformation is the key to making sure those credit unions continue to grow by reaching new members with the very latest technology. By interacting with our Digital Transformation Lab, our members and the credit unions they represent can learn about the latest innovations, vet them and even share their own experiences with digital transformation. The goal is to create 21st-century credit unions across the globe."