According to the Bureau of Labor statistics, transportation expenses are the second largest discretionary spending in a consumer’s budget. The industry is so large, it’s one of the few nationwide ‘trillion dollar’ industries. (Healthcare, food, and housing are the other three.)
In the early days of the pandemic, researchers were already hard at work. They wanted to see the effect our socially-distant lifestyle had on banking. Some of their findings were alarming—even though they’re right in line with what we expected.
Wow. 2020 managed to pack a decade of excitement into the span of a single year. Interestingly, it also packed several years worth of digital transformation into a few months at the beginning of the pandemic.
Credit unions began by closing branches, leaning heavily on their digital channels… and continued to lean on digital even after reopening. Now, more members than ever use online and mobile banking. Branch visits are fewer and farther between.
All of this raises the question: How can credit unions continue to be there for members when they can’t physically be there? How can your technology create the same friendly, safe experience that in-branch visits typically provide?
Read on to see eight technology trends that credit unions should keep a close eye on (especially in the face of the coronavirus).
Here’s the thing: credit unions must prioritize digital convenience and utility. It’s starting to get embarrassing.
In our weekly newsletter, we shared a short PR blurb about how Sound Credit Union recently completed a Zelle® integration. Sound Credit Union is well over $1b in assets, which raised several questions:
There are two numbers that every credit union and member should know: