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.

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.

In the past, some credit unions avoided self-service options. Credit unions were built upon the idea of personal service -- providing the highest quality of customized care for their members. However, credit unions today will benefit from self-service offerings. While many members still value personalization in their banking experience, they often prefer self-service channels over face-to-face interactions. According to a survey by Zendesk, 75% of respondents identified self-service as a convenient way to address customer service issues, and 67% prefer self-service over communication with a customer service representative. Self-service channels won’t replace your credit unions valued MSRs, but they will allow for greater efficiencies for both staff and members. Here’s how your credit union can begin to incorporate self-service channels for improved operations and happier members.

Many Baby Boomers are transitioning into retirement where their portfolio is shifting from wealth-building to waning assets. About 50% of credit union members are now 53 or older, and even though they will continue to rely on credit unions for their wealth management, CUs are in need of new members who are in their prime growth stages. Millennials and even some Generation Z-ers are now the target audience for credit unions as they are beginning to buy houses, cars, and paying for (or paying off) college. Millennial’s older sibling, Generation X, comprise 31% of the CU demographic largely due to the financial crisis in 2008 and 2009. They joined after becoming frustrated with big bank bailouts and stayed for personalized financial services. 10 years ago, Gen X fled to CUs, thus fulfilling their need for new, young members. However, Millennials and Gen Z will not be so easy to capture. Big banks have 10% more Millennial members than credit unions, and there’s one key way that CUs can win their business: digital self-service.