Each year, our lives become more and more digitally focused--to the point where most people spend the majority of their days interacting with some form of technology. Often, this happens in ways that would have seemed odd or even unthinkable in the past.

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.

The credit union industry has always been committed to innovation. This idea is especially important in the fast-paced, tech-driven modern world that we're living in. In an effort to not only maintain growth but to accelerate it as much as possible, credit unions need to embrace new solutions like digital payments wherever possible.

As recently as a decade ago, the idea that we were headed towards a "cashless society" seemed laughable. Now, with more and more people making purchases online and with options such as contactless payments becoming the "new norm" for in-person experiences, we may be a lot closer to a cashless society than we think.

In the 16 years since the iPhone was introduced, the world has changed immeasurably. Not only has nearly every facet of our lives become highly digitized, but it's also all hyper-connected as well.

These days, modern credit union (CU) members expect more from the financial  institutions they choose to bank with. They began a relationship with your CU because they were looking for a personalized level of care and attention to detail that they weren't able to find with larger banks. They'll maintain that relationship if your credit union proves committed to the idea of making members' lives easier and more convenient in any way that you can moving forward.

Although it may sound unbelievable, a recent study revealed a frightening prediction: up to 80% of financial institutions could disappear by the end of the decade. That is unless they can find a way to use technology to innovate their operations, bringing them more in line with the expectations of modern audiences. Note that this number includes not only big banks but credit unions as well. Nobody is immune to the ever-evolving digital world that we are now a part of.

Digital transformation isn't just an important part of the success of any credit union--it has become critically so in the wake of COVID-19. According to one recent study, the pandemic sped up the average adoption of digital technologies by an estimated three to seven years, all in the span of just a few months.

When it comes to operational efficiency, credit unions have room for growth. According to a McKinsey & Company study, credit unions are repeatedly more inefficient when compared to similarly sized banks. The causes of this operational efficiency variance can range, but it almost always boils down to certain processes draining valuable resources. Ask yourself:

The expectations of credit union members are constantly evolving, and it's up to savvy organizations to evolve right along with them. For most, the careful application of the right type of technology is how they do it.