By taking a close look at the top core providers for credit unions, it becomes clear what many of them have in common. It also helps underline important trends about the industry in general that can be used as inspiration for your credit union's own success in the future.

Long-term growth is a priority for any credit union. Yet at the same time, many organizational leaders are not sure what components to consider when planning and executing a growth strategy.

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.

Today, consumers have access to more ways than ever to pay for goods and services. Whether it's convenient Buy Now Pay Later (BNPL), Cash App, Venmo, PayPal, or embedded payments—they all represent easier, frictionless payment methods for consumers. But that's not all they share in common: they all pale in comparison to the popularity of credit and debit card solutions.

Digital payments took center stage during the pandemic, and their popularity became so strong, it's clear contactless payments aren't going anywhere. Commerce was already hopping on the digital bandwagon pre-coronavirus, but the shutdowns and online-only sales increased digital payments exponentially. Now, consumers are even more in favor of quick, convenient touchless transactions, which means that credit unions must be prepared to continue offering these valuable services and innovate further.

When it comes to banking and financial products, the average consumer has no shortage of options. From large national and community banks to credit unions (CUs) and emerging fintech firms, everyone is vying for the attention and dollars of your current members.

Similar to money, it's not how many members your credit union can gain—it's how many you can keep. While member retention is paramount, it's not sufficient to simply retain members. Instead, your credit union must deepen the relationship by providing timely, personalized solutions throughout their life and across life stages. In most instances, your credit union will need to preemptively know and alert members of their needs before they do. Let's take a closer look at how credit unions can accomplish that.

According to a Cybersecurity Ventures estimate, the global cost of cybercrime will topple $6 trillion this year, which is more than two times the damage in 2015 of $3 trillion. And credit unions can be especially vulnerable to cyberattacks as you undergo digital transformations to bolster the member experience. In fact, Black Kite estimates that 48% of credit unions and 58% of their vendors could have potential critical vulnerabilities directly related to out-of-date systems.

Does your credit union prioritize digital security? As we've discussed this month, the Cybersecurity and Infrastructure Awareness Agency (CISA) and the National Cybersecurity Alliance (CSA) sponsor Cybersecurity Awareness Month to shine a light on digital security issues for people and businesses across the country.

If your credit union has been paying attention, then you should already know that October is Cybersecurity Awareness Month. Sponsored by the Cybersecurity Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA), the annual event is in its 18^th year and continues to help individuals and businesses raise awareness about the importance of cybersecurity in the present age.