In 2020, the coronavirus forced credit unions to shut their doors and rethink how they do business. With branches closed and the lockdown in full effect, it became clear that members wanted digital solutions to handle all their banking transactions. Suddenly mobile banking, digital wallets and digital lending platforms became crucial for the survival of credit unions.

One of the big takeaways from 2020 for credit unions was that digital banking services are not only going to be important for the future, but they’re also essential right now. To satisfy members’ expectations and compete with the rise of fintech companies, CUs must choose the best technologies and continue to enhance their digital banking capabilities.One of the most important elements of credit unions’ digital banking future will be offering competitive digital lending services.

2020 was a tough year for credit unions and other businesses around the country. Many were forced to make fast and difficult changes to satisfy their member and customer needs. As the future of brick-and-mortar remains uncertain, credit unions must take advantage of all the opportunities and resources that are available to them.

Credit unions around the country faced tough times in 2020, as the Coronavirus forced businesses to close doors and CUs had to turn to digital solutions to satisfy their member’s needs. While most CUs were able to stay afloat and provide members with the financial products and services they needed, 2021 will likely bring more challenges and adversity. Luckily, for some credit unions serving low-income communities, grants are available from the National Credit Union Association (NCUA) that can help.

2020 was a difficult year for credit unions and their members, especially for credit unions that serve low-income communities. The pandemic put economic strains on everyone as businesses shuttered their doors and folks sheltered inside to protect themselves. These unforeseen changes forced CUs to adjust how they do business, and many had to revamp or transform their digital services to satisfy member needs.

Grants can provide the boost a credit union needs to address those undervalued or overly costly issues they might not have the funds to cover otherwise, particularly so in low-income areas. The Community Development Revolving Loan Fund (CDRLF) grant makes it a priority to identify specific areas of credit union operations that are likely underfunded in low-income areas and designates monies to these initiatives. For 2021, the CDRLF outlined cybersecurity as one of these initiatives and it couldn't be more timely.

In 2020, the pandemic forced many of us to change how we do business and to do it fast. As state-issued lockdowns caused brick-and-mortar businesses to close their doors and people turned to digital solutions, such as e-commerce and digital wallets for everyday transactions, many credit unions around the country were forced to enhance their digital services and make big changes to how they operate.

The National Credit Union Administration (NCUA) consistently provides guidance and resources to help credit unions better serve their communities. With funding from Congress, they have been able to fund the Community Development Revolving Loan Fund (CDRLF) for many years,  enabling CUs in rural and underserved communities to continue providing basic financial services to their members with the hopes of bolstering their local economies through loans and technical assistance grants. While the 2021 funding of the program was put at risk in 2020, the program managed to stay alive and is again accepting applicants.

In these difficult economic times, it’s important for credit unions to take advantage of the resources available to them, especially credit unions that serve low-income communities. After all, credit unions were founded on the core tenets of collaboration and helping the members of their communities, which means during times of crisis, members count on their CUs to deliver the service they need. That’s why understanding what grant and loan programs are available and how to qualify can be key for credit unions.

When the pandemic hit in March of 2020 and caused a nationwide shutdown, many credit unions had to scramble to update their digital banking services as quickly as possible. Their hard work and adaptability were honorable, and most CUs were able to provide adequate digital services in a timely manner and maintain their member base. However, digital technology is never at a standstill and the transformation for CUs is far from complete.