Credit Union Digital Lending Trends That are Here to Stay

By Preston Packer |

May

27

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.

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Are eSignatures Part of Your Credit Union's Lending Process?

By Preston Packer |

May

11

In 2020, the coronavirus forced credit unions to shut their doors and rethink how they do business. With branches closed and the lockdown in full effect, it became clear that members wanted digital solutions to handle all their banking transactions. Suddenly mobile banking, digital wallets and digital lending platforms became crucial for the survival of credit unions.

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The Benefits of Digital Lending Platforms for Credit Unions

By Preston Packer |

May

05

One of the big takeaways from 2020 for credit unions was that digital banking services are not only going to be important for the future, but they’re also essential right now. To satisfy members’ expectations and compete with the rise of fintech companies, CUs must choose the best technologies and continue to enhance their digital banking capabilities.One of the most important elements of credit unions’ digital banking future will be offering competitive digital lending services.

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Understanding Digital Transformation Trends in 2021

By Preston Packer |

Mar

30

When the pandemic hit in March of 2020 and caused a nationwide shutdown, many credit unions had to scramble to update their digital banking services as quickly as possible. Their hard work and adaptability were honorable, and most CUs were able to provide adequate digital services in a timely manner and maintain their member base. However, digital technology is never at a standstill and the transformation for CUs is far from complete.

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Best Practices for Credit Union Member Applications

By Preston Packer |

Mar

24

The rise of competition in the finance space is unprecedented. Fintech companies like Venmo and Paypal have been attracting younger users with social components to their apps, while tech giants such as Google and Apple have altered consumer behaviors with digital wallets. Even apps like Uber and Amazon are reshaping customer expectations with one-click ride sharing and shopping. The services these tech companies offer have a few things in common—they’re fast, efficient, and digital. They also encroach on traditional banking spaces, posing a potential threat to credit unions.

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Digital Banking Paradoxes Post Pandemic

By Preston Packer |

Mar

18

Maintaining personal relationships with members has always been pivotal to the success of credit unions. After all, credit unions were founded on the tenets of cooperation, and they encourage participation from all members of the community regardless of race, gender, or financial situations. But when the pandemic closed the doors to branches in March of 2020, and CUs were forced to make their services digital almost overnight, providing the same type of personal attention they were used to posed a challenge.

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Why Going Digital is Key for Your Credit Unions Future

By Preston Packer |

Mar

04

The pandemic forced businesses around the world to shutter their doors, and sadly for many, they will never re-open. Among the businesses that were able to adapt and survive, many did so by turning to digital technologies to solve problems and conduct transactions that were traditionally done in-person. This has created a boom in technology that has implications for many different sectors of the business world and economy.

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How Core System Technology Can Help Credit Unions Defragment the Digital Ecosystem

By Preston Packer |

Mar

02

The events of 2020 and the ensuing pandemic shifted the world economy in unprecedented ways. Enforced global lockdowns suddenly changed consumer habits, causing all sorts of businesses to adapt and reevaluate how they can best serve customer and member needs. For many, this meant relying on digital solutions to perform financial transactions that were traditionally conducted in person—amplifying the importance of a sound digital ecosystem.

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Go the (Social) Distance for Your Members with Mobile & Digital Banking

By Preston Packer |

Nov

26

The goal of any credit union is to satisfy the needs and wants of its members. Since the pandemic reshaped the world and transformed how we do business, member habits and behaviors have been changing and changing fast. It should be no surprise that as people try to avoid contagion, in-person interactions have declined significantly, and folks have turned to digital solutions to meet their needs. This trend has huge implications for credit unions around the country.

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The Rise of the Digital Wallet

By Preston Packer |

Nov

18

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. 

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