These days, modern credit union (CU) members expect more from the financial  institutions they choose to bank with. They began a relationship with your CU because they were looking for a personalized level of care and attention to detail that they weren't able to find with larger banks. They'll maintain that relationship if your credit union proves committed to the idea of making members' lives easier and more convenient in any way that you can moving forward.

In a lot of ways, the success of credit unions over the years can be attributed to their natural emphasis on innovation--particularly when compared to larger financial institutions.

Regardless of how you look at it, enabling digital account opening for credit unions brings with it a number of distinct benefits, all at the exact same time. For starters, it creates a more satisfying experience for members--particularly those who are a part of the younger generations. These people want to bank wherever they want, whenever they want, and however they want. They increasingly use smartphones and other mobile devices to do it and digital account openings are a natural part of that.

Offering forward-thinking services like digital new account openings is a great way to improve your credit union's conversion rates, empower the user experience, and attract the attention of a younger and technologically savvy group of potential members--all at the exact same time.

The process of opening a new account digitally is a critical part of any credit union's success. It serves as the gateway to an array of features and benefits, and a successful experience can increase member satisfaction, boost loyalty, and set the foundation for positive long-term relationships. As such, it is vital for credit unions to optimize their digital new account opening processes to ensure they remain up to date with changing technology and member preferences, continually offering the best possible experience.

At this point, there are a lot of credit unions that offer digital services like digital account opening. Therefore, if you truly want to stand out in a crowd, your credit union needs to go above and beyond merely what is expected of you.

For decades, credit unions have been seen as invaluable contributors to the communities they operate in. This is especially true when compared to the stale, impersonal experiences that are often offered to those that bank with larger financial institutions.

Savvy credit union leaders understand that there have been a few key drivers of both deposits and loan growth in recent years. Better marketing campaigns that effectively target younger members are one of them, as have been more aggressive offers that people just can't help but say "no" to.

Although it may sound unbelievable, a recent study revealed a frightening prediction: up to 80% of financial institutions could disappear by the end of the decade. That is unless they can find a way to use technology to innovate their operations, bringing them more in line with the expectations of modern audiences. Note that this number includes not only big banks but credit unions as well. Nobody is immune to the ever-evolving digital world that we are now a part of.

In many ways, credit unions in particular are faced with an invaluable opportunity to reassess their core processor needs and their larger digital efforts, doubling down on those areas and initiatives that will have the biggest positive impact on not only members but on the communities that they have become an invaluable part of.