2021 Credit Union Technology Trends to Watch

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).

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PPP Forgiveness: A Path Toward Digital Transformation

PPP Loan Forgiveness is here. The SBA plans to open it’s PPP Loan Forgiveness in the coming days. Is your bank ready to provide a member experience that enhances your current relationship?

Join CU2 and Capiform on 7/28 as we show how implementing a digital PPP Loan Forgiveness option can set your credit union up for the coming digital transformation that members will demand.

Date: 7/28 at 11:30am-12pm EST
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How to Get Your Employees to Survive and Thrive Working from Home during the Coronavirus Crisis – Webinar

What is the webinar about and what can attendees expect to learn? 

Leading Well, Remotely. Taking care of your organization during times of transition.

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Credit Union Recession Guide

As of this writing, the COVID-19 quarantine appears to have flattened the curve somewhat and discussions have shifted to how things will reopen. Many credit unions have been in crisis management mode for many weeks, and while they have felt the impacts on day to day operations with branch closures and remote workers, the financial and budget impacts are just now beginning to be felt.

The immediate future is uncertain, and yet credit unions must plan and execute to keep our business, communities, and members’ lives moving forward. Many of the credit union leaders have spoken about the stressful challenges of balancing member, employee, and credit union needs in this chaotic time.

This guide has some suggested methods that we have found in various circumstances and organizations over many years at credit unions, startups, and mature companies. These approaches have helped us navigate previous recessions as well as other business interruptions or market changes.

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Customer Effort, Member Experience, and Credit Union Digital Transformation

The American Customer Satisfaction Index (ACSI) is an annual survey conducted by the University of Michigan’s Ross School of Business. It measures consumer satisfaction with the goods and services provided across a broad range of industries.

This last year, the survey found that banks surpassed credit unions in customer satisfaction.

While it certainly doesn’t sound the death knell for credit union claims of better member experience, it raises some interesting questions—and serious concerns. And, in many ways, it reminds us that digital transformation is still a pressing need in the financial realm.

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