teens on mobile devices Source: Shutterstock

The importance of digital banking has accelerated in the past 15 months. According to research from BAI, 62% of millennials and 61% of Generation Z indicated “they would switch their primary account for a better digital experience” in 2020, an increase from 47% and 54% respectively in 2019. This demonstrates how the COVID-19 pandemic fueled a push toward digital adoption that would have otherwise taken three to five years to achieve. Members began using these tools to bank, and now have become accustomed to them – even preferring them – to the traditional branch in some cases.

Digital banking will remain vital for credit union leaders for the foreseeable future. We know millennials and Generation Z are digital natives. As leaders work to develop digital strategies, these groups must remain top-of-mind. To do that, credit unions must understand all elements of a true digital banking experience – including the role of communications and the impact of a well-built digital member experience for a credit union’s long-term viability. By keeping that in mind, credit unions will maintain a digital-first banking experience post-COVID.

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