The coronavirus pandemic has transformed how we conduct business all over the world and few sectors of the economy have been influenced as much as the financial industry. As people look for ways to avoid having in-person experiences, many are turning to digital wallets and other online banking solutions. Although the pandemic won’t last forever, it’s likely that this trend towards technological solutions in banking will continue. 

In the current digital age, it is crucial for credit unions to provide members with convenient and effective digital banking solutions. As more and more members turn to online banking to pay bills, shop online and send or receive money, credit unions who fail to adapt to the times risk losing lifelong members.

While it’s obvious that digital banking solutions are a necessary part of running a successful credit union, deciding which digital payment network to offer your members may not be. One of the most popular digital payment networks serving credit unions and their members is Zelle. The payments network boasts exceeding one billion payments within twelve months, setting a new record. Let’s have a look at why Zelle has become so popular.

No one can deny this year has been unpredictable for both the world and American economies. From how we work and study, to how we watch sports, order food, and purchase daily goods, nearly every aspect of our lives has changed. To stay safe, more and more people have turned to conducting their business online. One area that has seen huge changes is the financial industry as people look for remote banking solutions.

If 2020 has taught us anything, it’s that change can come suddenly and unexpectedly. One of the most striking changes taking place since the coronavirus outbreak is people’s increasing use of technology. From Zoom meetings and online conferences to the rising adoption of e-commerce and mobile banking, technological solutions are providing people with alternative means to have safe, contactless experiences.

In The Wizard of Oz, a simple farm girl living her normal black and white life gets transported by force to a bright and colorful new world where things she never expected were possible. Most people who know the story would argue that the storm opened up something good for her that she would've missed out on without the shove. COVID-19 came in like a storm and the changes that we've been forced to make as a result may not all be bad. The last few months have pushed a lot of folks to try things they might never have before, like grocery delivery, Zoom calls, and digital payments. While these types of services may have once been ignored by some, that storm has pushed a lot of us into a new reality.

With a surge in demand and adoption of digital payments, including mobile person-to-person (P2P) payments, why are credit unions so ideally suited to benefit from this change? The keys can be found in the credit union difference.

Money makes the world go round, but where we once exchanged gold and silver for goods and services, we're now clicking and tapping our phones. Are we witnessing the death of cash? It is estimated that by the year 2024, non-cash transactions will nearly double from 2019. In addition, the number of people who made sure they always had cash on hand fell from 60% in 2015 to 53% in 2018. These trends lead to the same conclusion: we need to invest in smarter ways to exchange funds that meet the demands of the modern consumer, and digital banking is likely the answer.

Through no choice of their own, credit unions across the country have been forced to shutter their doors, left struggling with the "now what?" conundrum of trying to continue serving members with the same dedication and personal service as always. Members are traveling on a high-speed learning curve of how to accomplish their to-do lists, while not actually going anywhere. New services and options are popping up everywhere. COVID-19 has pushed companies--and people--to adapt quickly and try new things. The adoption curve is being forced to shift, and now is the time to show members that you already have the services they need.

We are in uncharted territory as a result of the COVID-19 spread in the US. Depending on the state, your credit union is likely modifying normal daily operations to allow for safe social distancing, or in states like New York and California, closing branches completely for the foreseeable future. But, in this time of financial uncertainty, many Americans will be looking to their financial institutions for guidance and options. We know that a key piece of a long-term member/CU relationship lies in the first few months, so it's important that we adapt and show new members we are there for them now and in the future. How can we do this without those in-person interactions we rely on? We rely on our technology and our people.

Making members aware of Credit Union digital products & services is half the battle. Members will use the tools that they know about and when branch hours are limited or eliminated members need to be aware of their options. When people are coming into the branch less frequently, be sure to keep sharing messaging in other ways to keep them aware of your offering.