The Importance of the Digital Transformation for Credit Unions

As a credit union, you must adapt to your members' needs and wants, which include the adoption of new technology. According to a recent report from Experian Global, the number of people with mobile wallets and traditional payment methods is essentially the same. Out of 6,000 consumers and 2,000 businesses surveyed worldwide, 62% responded that they use mobile wallets, 63% said they use traditional payments, and 64% said they use a debit card for making transactions. In addition, the survey discovered that consumers are also using digital payment methods just as much as they use their email. With all of these statistics, it's safe to say that consumers are steadily becoming more tech-savvy. So, the real challenge for credit unions is to recognize the significant increase in digital spending and rise to the occasion.

The Digital Switch in Consumer Behavior

Experian also reported that within the past three months, 53% of consumers had spent more on digital channels and 50% said they plan to make more digital payments in the next three months. As expected, the younger generation (ages 25 to 39) had the highest percentages, proving that younger consumers are seeking the convenience of digital transactions.

However, as online payments continue to escalate, there comes a heightened security risk, especially within the realms of identity theft, phishing, credit card information theft, online privacy, and deceitful advertising. Over half of the respondents indicated that security is one of their major concerns. Still, 84% believe that the companies they purchase from will take steps to address security issues, with 73% charging these companies with the responsibility of protecting their information online.

When it comes to data, 57% said they would be fine with sharing data if it improved security measures. Yet, 90% of respondents said they would like total or partial control over how businesses use their data.

Give Members Quick, Convenient, and Secure Digital Banking

Considering all these insights, it's clear that credit unions must offer straightforward, smooth, and convenient digital transactions, while also providing excellent security. At FLEX, we offer credit unions the opportunity to provide a better mobile banking experience for members featuring the latest and greatest tech innovation. We have developed partnerships to help provide convenient digital transactions and seamless processes, all with top-of-the-line security. Our Zelle integration also allows members to send and receive money easily directly from the FLEX app, making digital transactions a breeze.

We understand that credit unions face many ongoing security concerns and responsibilities, which is why we provide comprehensive security services, which use a multi-layered approach to protect data and prevent malicious attacks from inside and outside your network. Your members can also benefit from SMS two-factor authentication that enhances their account security, making it increasingly difficult for cybercriminals to gain access.

Final Thoughts

Now, more than ever, credit union members expect and need banking services that will simplify their lives. Digital banking allows credit unions the opportunity to give their members superior service on a bigger, broader and better scale than ever before. Offering services that are intuitive and accessible to members builds trust and confidence while supporting the need to manage their money efficiently and securely.

Download our Digital Account Services eGuide to learn more about how FLEX can help improve the digital services you offer to your members.