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.

With the emergence of financial services industry disrupters — FinTechs— the battle for the hearts, minds, and wallets of credit union members is fiercer than ever. Unlike these firms, however, your credit union's core value statement isn't necessarily centered around trendy technology. But you can leverage state-of-the-art solutions to drive membership growth, and do so in a way aligned with your core value proposition. Here are three ways you can do just that in 2022.

According to a Cybersecurity Ventures estimate, the global cost of cybercrime will topple $6 trillion this year, which is more than two times the damage in 2015 of $3 trillion. And credit unions can be especially vulnerable to cyberattacks as you undergo digital transformations to bolster the member experience. In fact, Black Kite estimates that 48% of credit unions and 58% of their vendors could have potential critical vulnerabilities directly related to out-of-date systems.

Does your credit union prioritize digital security? As we've discussed this month, the Cybersecurity and Infrastructure Awareness Agency (CISA) and the National Cybersecurity Alliance (CSA) sponsor Cybersecurity Awareness Month to shine a light on digital security issues for people and businesses across the country.

If your credit union has been paying attention, then you should already know that October is Cybersecurity Awareness Month. Sponsored by the Cybersecurity Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA), the annual event is in its 18^th year and continues to help individuals and businesses raise awareness about the importance of cybersecurity in the present age.

The increased use of digital technology around the globe over the past couple of years has also led to an increase in cyberattacks--particularly phishing. Phishing refers to when a malicious actor sends fraudulent emails or messages with the intent of stealing your personal information and/or money. Since credit unions have access to both the personal information of their members and their money, it makes them ripe targets for phishing and other types of attacks online.

For week two of Cybersecurity Awareness Month, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) will be focusing their energy on phishing attacks. Themed “Phight the Phish!,” the week aims to spread awareness and reduce the risk of phishing attacks on individuals and businesses across the nation. Because credit unions are responsible for guarding both sensitive information and the money of members, it’s important to prepare for phishing attacks and understand how to prevent them and respond appropriately if one occurs.

As the world trends towards more and more digital solutions, there is an ever-increasing risk of individuals and businesses being exposed to cyberattacks. A cyberattack refers to the attempt to steal, disable, expose or destroy information illegally through unauthorized access to computer systems, and when cyberattacks succeed, they can be extremely dangerous and costly to whomever suffered the attack. Because of the clear danger of cyberattacks, it’s crucial that individuals and institutions like credit unions that rely heavily on digital infrastructures take the appropriate measures to protect themselves and their members.

Grants can provide the boost a credit union needs to address those undervalued or overly costly issues they might not have the funds to cover otherwise, particularly so in low-income areas. The Community Development Revolving Loan Fund (CDRLF) grant makes it a priority to identify specific areas of credit union operations that are likely underfunded in low-income areas and designates monies to these initiatives. For 2021, the CDRLF outlined cybersecurity as one of these initiatives and it couldn't be more timely.

In 2020, the pandemic forced many of us to change how we do business and to do it fast. As state-issued lockdowns caused brick-and-mortar businesses to close their doors and people turned to digital solutions, such as e-commerce and digital wallets for everyday transactions, many credit unions around the country were forced to enhance their digital services and make big changes to how they operate.