businessmen's hands using laptop Source: Shutterstock

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.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.