The goal of any credit union is to satisfy the needs and wants of its members. Since the pandemic reshaped the world and transformed how we do business, member habits and behaviors have been changing and changing fast. It should be no surprise that as people try to avoid contagion, in-person interactions have declined significantly, and folks have turned to digital solutions to meet their needs. This trend has huge implications for credit unions around the country.

Although mobile banking and digital wallets existed before the pandemic, their capacity to enable contactless transactions has sent their usage soaring. Today people are buying groceries, sending money to friends, shopping and even applying for loans from their mobile phone, tablet, or computers.

Let’s take a look at why mobile banking and digital wallets have become so popular and why they are here to stay.

The coronavirus pandemic has transformed how we conduct business all over the world and few sectors of the economy have been influenced as much as the financial industry. As people look for ways to avoid having in-person experiences, many are turning to digital wallets and other online banking solutions. Although the pandemic won’t last forever, it’s likely that this trend towards technological solutions in banking will continue. 

In the current digital age, it is crucial for credit unions to provide members with convenient and effective digital banking solutions. As more and more members turn to online banking to pay bills, shop online and send or receive money, credit unions who fail to adapt to the times risk losing lifelong members.

While it’s obvious that digital banking solutions are a necessary part of running a successful credit union, deciding which digital payment network to offer your members may not be. One of the most popular digital payment networks serving credit unions and their members is Zelle. The payments network boasts exceeding one billion payments within twelve months, setting a new record. Let’s have a look at why Zelle has become so popular.

No one can deny this year has been unpredictable for both the world and American economies. From how we work and study, to how we watch sports, order food, and purchase daily goods, nearly every aspect of our lives has changed. To stay safe, more and more people have turned to conducting their business online. One area that has seen huge changes is the financial industry as people look for remote banking solutions.

If 2020 has taught us anything, it’s that change can come suddenly and unexpectedly. One of the most striking changes taking place since the coronavirus outbreak is people’s increasing use of technology. From Zoom meetings and online conferences to the rising adoption of e-commerce and mobile banking, technological solutions are providing people with alternative means to have safe, contactless experiences.

You did it. With hard work and determination, you narrowed down your list of potential new credit union core providers to just two, and you made your final decision. But now what? How do you take the final steps necessary to finish the process and make sure everything goes as smoothly as possible?

Choosing to switch your credit union core software provider is a huge decision. After all, credit union core technology is one of the most critical components to any successful credit union and making the wrong decision could hurt your business for years to come. Another big decision comes when you’ve narrowed down your list to just two core providers, and you must choose which vendor to partner with.

Because your credit union core system is vital to the functionality of your credit union as a whole, it's important to partner with the right core solution provider who can deliver the technology and services that best suit the needs of your credit union. Of course, finding the perfect credit union core system involves time and effort, but if you follow the right steps, you’ll be on your way towards a better partnership in no time.

Having the right core processing system is one of the most important components of running an efficient credit union. However, sometimes it feels like technology is evolving at such a rapid pace that it’s hard to keep up. Also, the task of changing core processing systems can be complicated and time-consuming. These are just a few reasons many credit unions continue to use outdated core systems.