The financial world has already seen and will continue to see more competition in 2022, especially in regard to payments. Between the influx in buy now, pay later (BNPL) payments, and consumers' desire for faster, easier transactions, it's safe to say that rivalry is at an all-time high.

Whether it's a credit union, community bank, or national bank, open banking has transformed how people perform financial transactions. Highlighted by innovative and integrated apps, open banking is made possible through application programming interfaces (APIs). In the most simple sense, an API is a software intermediary that allows two different applications—such as your credit union core processing system and a third-party app—to seamlessly communicate.

Though face-to-face interactions have always been more personal, credit union members today are leaning more towards digital interactions. Whether it's due to the pandemic or advances in technology, there is no one clear-cut cause. But it's the reality credit unions need to face and accept. For example, a recent study showed that between December 2020 and May 2021, 95% of Gen Z used mobile banking. And according to the Credit Union Journal, "70% of likely bank account applicants would prefer to submit a digital application." So whatever type of banking a credit union member is interested in, it's important for them to be able to conduct their business online if they so desire. Application programming interfaces (APIs) can help make that possible.

The pandemic has turned digital preference into a priority. Out of necessity, many banks and credit unions were forced to stretch beyond physical interaction and offer a completely digital experience. As a result, lenders have improved their online loan application process, making them quicker, easier, and user-friendly. According to a recent survey, nearly two-thirds of people who have applied for loans within the last two years complete them partially or completely online. As a credit union, it's time to recognize that today's consumers desire online and mobile solutions, and deliver just that.

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.

Your members live in a modern world where they are reliant on technology and the internet. Technology has taught us that we can expect almost anything to happen instantly. Ordering lunch, getting a cab, texting a friend, selling stock, applying for a job... these can all be done in a few clicks, and even better, many of these experiences are personalized because providers can tap into historical data and serve up offers that they know we'll want. User expectation is that this level of service should be available in all interactions, and if you can't provide it, someone else will. Open banking is the key that unlocks that experience for your members.

A recent study shows that 1 in 5 Americans ages 20-29, don’t know their credit score. Knowing your credit score is an important, personal, financial matter that can have a huge impact on a person’s life. But to be honest, most people don’t think to look it up until they need a loan. They are also (mistakenly) afraid to look it up because they’re worried that by doing so, it will hurt their score. And then, some just don’t want to pay the costs associated with looking it up. However, today it is increasingly common for many different types of locations and products to offer people a look at their score for free. Is your credit union one of them?

At the close of trading on August 22, 2018, the stock market made history by setting the record for the longest bull market ever recorded. The last low set by the S&P 500 index was on March 9, 2009, making this run 3,453 days of fairly steady growth, with the S&P 500 climbing by more than 320% over that period. A bull market refers to a market that is on the rise and is typified by a sustained increase in market share prices. During a bull market, investors have faith that this upward trend will continue, and will invest more. But not all investors are keen on stocks these days. Another report made the news last week that surprised some economists: Millennials actually prefer cash investments over the stock market, even in this long-standing bull market.