5 Areas Credit Unions Need to Rethink in 2022

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The last 22 months have been a whirlwind. With the pandemic came various changes to how consumers bank and what their preferences are. If there’s anything credit unions have learned during this time of change, it’s the importance of being nimble and pivoting to serve members’ evolving needs better. To keep up in 2022, institutions must consider a few key trends.

1. Credit unions should carefully outline their cryptocurrency strategies. Research from Gemini showed more than 20% of people with investable assets already invest in crypto, and this number is expected to grow. Those investing typically do so through a cryptocurrency exchange. Additionally, more than 60% of those people would prefer to trade with their trusted financial institution. The cryptocurrency space is going to continue to gain traction, and credit unions must keep up. The NCUA just issued guidance clearing the way for federally-chartered credit unions to work with third parties on crypto products and services. Institutions need to have a thorough understanding of cryptocurrency and decentralized finance use cases, market cap and circulation so they can ensure that quality cryptocurrencies are available for members.