Smartphone with digital banking icons Consumers using more technology for banking needs. Source: Shutterstock

As the world adjusts to a new reality created by the coronavirus pandemic, consumer preferences have also changed, as people now prefer a lower level of physical interaction when receiving a variety of services, including from their banking institution. This creates both a challenge and a significant, unique opportunity for credit unions to maximize their competitive advantage.

One of the most attractive elements of credit unions is that their format brings people together into a mutually supportive and beneficial collective. However, because they are not profit-first institutions, credit unions do not always have access to the same expansive budgets and offerings of traditional banks. Indeed, the feeling of community and service has spurred credit union membership to grow.

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