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One of the constant challenges for credit unions is staying competitive with megabanks and more recently, neobanks, like Chime, Varo and others, which are known for offering convenient, digital-first access to credit and money management products. In a world where 78% of Americans prefer to bank via mobile and online channels, according to a 2022 Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey, credit unions must take note of evolving member expectations and find ways to exceed those expectations before the competition does.

Yet, legacy systems often make it too complex and costly for credit unions to evolve beyond the most basic digital banking services. Instead, many credit unions resort to patching on new digital features over time. As a result, members’ mobile and online experience suffers, becoming bloated with confusing layers of functionality.

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