While the implications of the term "digital transformation" are far-reaching, in practice the situation isn't quite that complicated. It's all about the technological processes that can be put in place today to help better prepare an organization for the potential challenges it will face tomorrow.

There was a time when on-demand (also referred to as "instant issue") cards were one of those "nice to have" benefits for credit union members. They were fast, convenient, and efficient - but they weren't necessarily a "must have" feature like mobile banking.

There have been so many changes in the credit union world over the past few years, sometimes it’s a good idea to take a breath and reevaluate what’s happened and where the future might take us. One thing that’s occurred that cannot be ignored is the huge role digital technologies have begun to play in banking and nearly all aspects of our lives.

For some time now, cash has taken a backseat to credit and debit cards in America, and digital and mobile banking has been evolving. The events of the past few years have only accelerated the transformation of more and better digital banking services, digital wallets, and other digital solutions to fill customer and member needs. Those credit unions who adapted and enhanced their digital banking platforms likely satisfied and maintained their members, but some might wonder if digital banking will replace all in-person transactions and maybe even cash itself.

In 2020, credit unions and all sorts of businesses were forced to adapt and change the way they provided member services. Obviously, one of the biggest changes was finding a way to provide services and transactions that were once conducted in-person and make them digital. As member expectations and needs changed, CUs and other businesses were forced to enhance their digital platforms at an alarmingly fast rate.

As credit unions turn to digital solutions to meet their member’s changing needs, in-branch transactions and manual processes are rapidly becoming a thing of the past. Such digital transformation throughout the financial world is here to stay, and CUs must adapt to survive and thrive.

Bringing new meaning to pay at the pump, Barclays has introduced the first ever self-service beer dispenser that accepts contactless payments, because.... well... it's pretty cool! But it also demonstrates their commitment to innovation, responding to that ever-present problem that Brits have with queuing for their next pint (#firstworldproblems). Brewing up a creative way to meet demands requires an organization-wide commitment to technology as well as flexibility within their systems to enable such developments. Many financial institutions struggle with "Innovation Killers" which come in different forms: Leaders reluctant to expand their thinking, limited budgets, employees lacking the necessary knowledge and capabilities, and legacy system hardware or software limitations. Does your credit union struggle with Innovation Killers?