The ‘Now Normal’: Why Credit Unions Must Hit the Reset Button on Digital Strategy

Digital payments continue to evolve.

In the age of the COVID-19 pandemic, digital interaction has become a focal point of contact – and sometimes the only point of contact – between credit unions and members. In a survey from FIS, 45% of respondents reported a change in the way they interact with their financial institution due to the pandemic. This rapid adoption of the digital channel appears to have grown into a preference for some with 30% of respondents from the same survey noting their plans to continue using online and mobile banking channels in the future.

This is not unique to the credit union space. Other industries such as retail and food and beverage have experienced an increase in the utilization of digital services such as Instacart, DoorDash and others. Even with the reopening of physical stores in the retail space, the numbers still do not mirror those of the year prior – and this is with the pent-up demand of not having access to physical stores for months. This retail example highlights what we are witnessing in the credit union industry: The accelerated adoption of digital has changed the way members will utilize the credit union and evaluate credit union services. In other words, members and prospects will judge the credit union much more aggressively when it comes to its digital services.