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hands holding up digital devices for banking Source: Shutterstock.

Arguably, one of the largest transformations driven by the pandemic has been the adoption of digital experiences. Just about every business and industry has been affected by this shift, including financial institutions. This is especially true for credit unions, which have historically been recognized and applauded for having great in-person, “hands-on” interactions with their members.

This shift to digital has fundamentally changed consumer needs and expectations. According to Experian’s latest Global Insights Report (September/October 2021), consumers reported that they are online 25% more than just a year ago. Quick, streamlined processes are now the norm and have come to be expected by consumers. This shift is negatively impacting credit unions because they tend to have resource constraints and limited technology.

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