New Digitization Report Looks at Challenges, Opportunities for CUs

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There are positives and negatives when it comes to how credit unions have adjusted to the digital landscape and members’ digital needs, especially since the pandemic began in early 2020. Some of these positives and negatives were laid out in the first report filed by the new Credit Union System Digitization Working Group on Monday.

The group, led by CUNA and made up of 41 credit union leaders from around the country, has met three times since April and submitted its first report this week. The report stated, “COVID-19 has accelerated the adoption of digital technologies in the financial services industry, leading to a focus on contactless payment and reduced dependency on brick-and-mortar institutions. While some banks and credit unions are already adopting new technologies, fintech companies are setting a high bar for consumer expectations.”