The increased use of digital technology around the globe over the past couple of years has also led to an increase in cyberattacks--particularly phishing. Phishing refers to when a malicious actor sends fraudulent emails or messages with the intent of stealing your personal information and/or money. Since credit unions have access to both the personal information of their members and their money, it makes them ripe targets for phishing and other types of attacks online.

For week two of Cybersecurity Awareness Month, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) will be focusing their energy on phishing attacks. Themed “Phight the Phish!,” the week aims to spread awareness and reduce the risk of phishing attacks on individuals and businesses across the nation. Because credit unions are responsible for guarding both sensitive information and the money of members, it’s important to prepare for phishing attacks and understand how to prevent them and respond appropriately if one occurs.

As the world trends towards more and more digital solutions, there is an ever-increasing risk of individuals and businesses being exposed to cyberattacks. A cyberattack refers to the attempt to steal, disable, expose or destroy information illegally through unauthorized access to computer systems, and when cyberattacks succeed, they can be extremely dangerous and costly to whomever suffered the attack. Because of the clear danger of cyberattacks, it’s crucial that individuals and institutions like credit unions that rely heavily on digital infrastructures take the appropriate measures to protect themselves and their members.

There is no doubt that major shifts have taken place in the mortgage market over the past couple of years. An increase in competition and the transformation to digital mortgage lending solutions have had a huge effect on how credit unions and other institutions that depend on mortgage lending do business.

Competition is high when it comes to purchasing a home. Prices have increased due to the pandemic, making it a seller’s market. An increase in demand and a decrease in inventory means buyers have to act fast. Multi-offer scenarios and bidding wars have become the norm. Buyers watch prices rise and see their offers rejected. Credit unions must find ways to pave an easier path for home purchasing members. One solution is transforming the home buying experience with best-in-class technology.

There have been many changes in the financial industry over the past couple of years, and credit unions have had to be agile and adapt to the latest trends. Although the sudden digital transformation of banking was difficult for many credit unions who pride themselves on personal service and community involvement, most were able to adjust and find ways to bridge the gap between digital banking and superb member service.

With the lowest mortgage rates in years, it’s no surprise that mortgage originations and refinancings are soaring around the nation. This is good news for credit unions. However, advancement in digital technologies and the rise of fintech companies into the lending space also means that the competition in the mortgage lending market is as tough as ever.

Credit unions know their members--all 125 million of them and counting--better than anyone, and the right analytical tools and market intelligence can help your credit union gain market share in a competitive mortgage environment. It is always a good time for CUs to expand their offerings and use technology to streamline the process.

Although credit unions in the U.S. hold a small share of the total mortgage volume, mortgage lending is an important part of doing business for credit unions of all sizes. Since the pandemic and the lowering of interest rates has no doubt put a squeeze on the mortgage lending business and made it more competitive, credit unions that wish to thrive in this environment must leverage their digital technologies, data, and member services to attract new members, generate loans and continue their growth.

With a booming housing market and the challenges facing credit unions to keep up, simplifying the home buying process is critical to delivering outstanding member service and growing the loan origination business for your credit union.