Year 2023 outlook, business opportunity or new challenge ahead, vision to make decision or move forward, plan and perspective concept, confidence businessman look through telescope on year 2023. Source: AdobeStock.

As interest rates remain the highest they’ve been in 15 years and the inflation rate for goods and services continues to soar, many members have entered into the new year with anxiety around their finances. Such times of unease are often when members need their credit unions the most, and credit unions have proven time and again that they’ll do whatever it takes to support their communities and reinforce the credit union philosophy of “not for profit, not for charity, but for service.” However, credit unions themselves are also challenged by the economic environment and thinning margins.

In order to provide the needed level of personal, comprehensive support and service members need, more credit unions this year will rely on technology as well as fintech partners to help boost efficiencies and enhance member service. There are several areas that will emerge as priorities this year.

 

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