Creating a better digital experience. A better digital experience. (Image: Shutterstock)

Credit unions occupy a unique niche in the financial services industry – they are non-for-profit organizations with a mission to ensure the financial well-being of their members and the communities they serve. They have thrived by offering meaningful, personalized and high-touch experiences, which have allowed them to build lasting relationships with members. But their operating model traditionally has relied on their employees going above and beyond to serve with limited support from technology.

Two key factors have significantly challenged this operating model: First, the evolving community demographics in the U.S. and second, the impact of the pandemic. The overall makeup of communities across the U.S. is changing every day, the result of a myriad of factors, such as members moving to look for better quality of life and also due to the emergence of new economic hubs. This has blurred traditional community boundaries and changed member segmentation. Second, the impact of the pandemic is more obvious; the volume of physical interactions decreased. To counter, credit unions were forced to open up digital end points to support their members and accelerate their digital transformation timelines.

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