Credit unions have become hugely popular over the last few decades for a number of reasons. For starters, they offer a more personalized and member-centric approach to financial services that a lot of larger organizations simply cannot match. They also offer safe, reliable services that members have come to depend on and even expect.

Navigating a credit union's loan application process can often feel like an arduous obstacle course. The mountains of paperwork and tedious data entry involved can lead to errors and delays. However, there is a tech-driven solution on the rise: automated loan decisioning. By leveraging specially designed algorithms, this trend aims to digitize and simplify the loan application process, reducing paperwork for credit union employees and members, saving time, and minimizing the chances of human error.

Credit unions are constantly striving to enhance their services for the benefit of their members. One valuable tool in their arsenal is the home equity line of credit (HELOC).

Building an effective cross-selling program for your credit union is essential for long-term success, as it relies on the most valuable asset of all: relationships.

Credit unions exist as a superior alternative to the cold, impersonal experience that many giant financial institutions offer.  Most consumers don't want to handle this essential aspect of their lives in such an impersonal way. They want to walk through the door and be greeted by familiar faces. They want to see people who actually know their names. They want to give their business to a place where they feel like everyone involved genuinely cares about the community.

In many ways, personalization may very well be the single most powerful weapon in a credit union's arsenal--especially when compared to what the "big banks" are offering in terms of the overall member experience.

For financial institutions in particular, one of the major reasons why cross-selling efforts often fail is because organizations go about it in exactly the wrong way.

According to a recent study, credit unions have a 60% to 70% chance of conversion when they concentrate on cross-selling to current members. However, when dealing with non-members or people without a pre-existing relationship, the chances drop to only 5% to 20%.

Welcome to Part 2 of our Complete Guide to Innovative Digital Payment Options. In Part 1, we provided a brief overview of the advanced technology that underpins digital payments and explained why they are increasingly crucial for credit unions. As we mentioned earlier, comprehending the fundamental aspects of this technology and its workings is essential to seamlessly integrate it into your credit union, thus benefiting both members and the institution.

The recent explosion in popularity of digital payments can be attributed to many things--from a younger and more tech-savvy generation of consumers becoming more financially stable to the rise of eCommerce and beyond. Regardless, 2/3rds of adults worldwide now make or receive digital payments regularly--a trend that shows no signs of slowing.