Search
 

CU Tech Hub

Expert Opinion

Can Digital Transformation Help Credit Unions Weather a Recession?

When CUs embrace the right digital initiatives, they can optimize resources to weather economic uncertainties and come out stronger.

By Rupert Colbourne | August 26, 2022 at 09:00 AM
using iPad to open digital banking apps Source: Shutterstock.

Just as life was beginning to return to a post-pandemic normal, organizations have been hit with a new challenge: Namely, a potential recession. The recent news that inflation was up 9.1% for the 12 months ending in June has done nothing to lessen these concerns. With recession fears growing, many credit unions are preparing for a slowdown.

But the outlook is not entirely cloudy. For example, credit unions are having one of their best lending seasons in recent memory – setting a 30-year record. What’s more, if companies embrace the right digital initiatives, they can optimize resources to weather economic uncertainties and come out stronger.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.