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Technology is transforming the financial services industry, and credit unions are embracing the changes. In a recent survey by Alkami Technology, 41% of the survey group – 152 executives of financial institutions – said they are prioritizing digital transformation to optimize their processes and operations. Many also see technology as the way to gain a competitive edge and spur growth. However, they acknowledge that there’s plenty of room for improvement: The average respondent ranked their position in the digital transformation journey as 58 out of 100.

State-of-the-art digital tools are essential in the current marketplace. Competitors from outside the traditional financial sector are challenging credit unions with innovative technological offerings. Such capabilities are a high priority for today’s consumers, especially younger generations, who demand the convenience of instant, easy access. In most areas of their lives, users have grown accustomed to engaging, accessible interfaces and highly personalized interactions, and they expect nothing less from their financial partners. They want to make contactless payments, access information and move funds with a few taps or clicks, open new accounts, even originate loans on a mobile device – all with the assurance of rock-solid security and privacy.

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