Today’s consumers have turned to digital solutions to handle all sorts of daily transactions. Unsurprisingly, e-commerce and the use of digital wallets have soared, and so have fintech companies that offer digital banking and digital lending services. Credit unions must keep pace and adapt to the changes in order to thrive.

The game has changed for credit unions when it comes to how they service their member’s needs, especially in terms of digital lending. Because of the rise of fintech companies and app-based financial services, credit union members now want access to fast and easy digital lending services. Although that doesn’t mean branch visits and personalized attention are a thing of the past, CUs who wish to compete and thrive in the future must come up with a well-thought-out digital strategy.

New technologies are rapidly reshaping the way credit unions do business. Digital services are replacing traditional brick-and-mortar services, and it’s likely that this trend is here to stay. For credit unions to keep up with the times and remain competitive in this digital age, they must continue to upgrade their technologies to enhance their digital banking services.

Surviving 2020 was no easy task for all sorts of businesses, including many credit unions. Those that were most effective found ways to be efficient, cut waste, adjust to changes in consumer habits and continue to provide their members with the essential services they need and expect. After all, credit unions were founded on the principles of collaboration and supporting members, and no year has seen more people in need of support than the previous one.

Despite popular belief, digital lending has actually been around for quite some time. It began in the 1990s around the dot-com era with digital mortgage and consumer lending. While it wasn’t a popular solution back then, digital lending today has come full circle. Many financial institutions offer digital lending in some capacity. A recent survey by the ABA shows that digital lending could for 10% of all consumer and small business lending market by 2020. Despite this, there are many FIs that do not offer it, or they only offer digital options for part of the lending process. While those banks and credit unions have certainly gotten by without full digital lending, they are missing out on features and opportunities that it can provide. Here are 5 ways that digital lending can improve your credit unions lending process.