In many ways, personalization may very well be the single most powerful weapon in a credit union's arsenal--especially when compared to what the "big banks" are offering in terms of the overall member experience.

If you've ever opened the built-in "Wallet" app on your iPhone, you're no doubt at least passingly familiar with how convenient digital wallets can be. With a few taps of your finger, digital representations of all of your credit and debit cards are available and can be instantly used to make contactless purchases and other digital payments.

A lot has changed for credit unions within the past two years. Many have evolved their delivery models to support more digital, remote communications while still aspiring to offer a special, personal member experience. However, achieving this level of digital prowess takes a strategy that can quickly and easily adjust to uphold specific undertakings, like paycheck protection, skip-a-pay programs, and contactless transactions. Members still require personal connection even while online and those who aren't already acclimated to digital channels need more education, connection, and security understanding to get comfortable. So, what else has changed in the credit union world, and what does the future hold?

Traditionally, credit unions haven't been considered digital innovators. Instead, credit unions are notorious for delivering a personable, in-person, in-branch experience to sustain member loyalty and build trust.

Today, however, everything is different. As digital-only fintech firms and major banks pour money into technology to apply external pressure, it's imperative for credit unions to develop value propositions around innovation. While credit unions may not be first adopters or innovators (in the traditional sense), they are fast followers. Let's take a closer look at three top emerging payment trends credit unions should be following and paying close attention to.

It's simple: Those who fail to plan are planning to fail. While this may not be a surprise or foreign concept, not all planning is created equal. As you begin entering strategic planning for the upcoming year, here are three key goals that should be on your credit union's roadmap.

Over the next two decades, the U.S. will experience an unprecedented generational transition of wealth. The aging Baby Boomer generation is expected to transfer $30 trillion of inheritance to Generation X and Millennials. This historic transition of wealth and buying power is also ushering in shifting perspectives around debt, money, and investing. As such, it's imperative credit unions harness this knowledge to tailor how and what services they deliver to their members. Let's take a closer look at generational trends and how credit unions can use these trends to unlock a superior credit union member experience.

The digital age has arrived and is here to stay. Credit union members have turned to digital and mobile banking apps to complete their everyday banking transactions. These changes in behavior combined with the rise of fintech companies such as Venmo and Paypal are forcing credit unions to enhance their digital banking services and mobile apps at a rapid pace.

Providing exceptional member service is at the heart of every credit union’s values. However, with increasing competition in the banking world, good service alone will not be enough to keep members truly satisfied. So what is it that members are seeking now? Surprisingly enough, it’s not always lower rates. Savvy members are still interested in competitive pricing, but a member’s loyalty doesn’t lie with bargain banks either. What members want is customization. Taking an example from another industry, one of the first organizations to provide a unique and customized experience is a fast-casual restaurant many know and love: Chipotle.