Competition is high when it comes to purchasing a home. Prices have increased due to the pandemic, making it a seller’s market. An increase in demand and a decrease in inventory means buyers have to act fast. Multi-offer scenarios and bidding wars have become the norm. Buyers watch prices rise and see their offers rejected. Credit unions must find ways to pave an easier path for home purchasing members. One solution is transforming the home buying experience with best-in-class technology.

Credit unions know their members--all 125 million of them and counting--better than anyone, and the right analytical tools and market intelligence can help your credit union gain market share in a competitive mortgage environment. It is always a good time for CUs to expand their offerings and use technology to streamline the process.

With a booming housing market and the challenges facing credit unions to keep up, simplifying the home buying process is critical to delivering outstanding member service and growing the loan origination business for your credit union.

For many years, digital banking platforms and applications have been improving while the use of cash in America and around the world has been declining. Recent advances in technology combined with social distancing measures have changed member wants and needs, and this is having big implications for credit unions and the role digital banking technology will play in their future.

In 2020, credit unions and all sorts of businesses were forced to adapt and change the way they provided member services. Obviously, one of the biggest changes was finding a way to provide services and transactions that were once conducted in-person and make them digital. As member expectations and needs changed, CUs and other businesses were forced to enhance their digital platforms at an alarmingly fast rate.

Credit unions have a history of putting their members first. In fact, nothing is more important for a credit union than being able to provide personalized member services to members in their community. Perhaps this is why many credit unions have found the transition to digital banking and digital member services (DMS) that has taken place over the past few years to be difficult, and some are even resisting the changes.

Credit unions pride themselves on the quality of member service and the personalized attention they give their members. However, as the world moves toward digitalization and a large part of member service is now conducted online, credit unions must do everything they can to create high-quality digital member services (DMS).

Credit unions have always prided themselves on being able to provide personal, top-quality service to their members. As the world turns more and more towards digital solutions that affect how credit unions and other financial institutions do business, being able to continue to provide the best level of member service should be a top priority for all credit unions.

Mobile banking has many benefits for credit unions and their members. A mobile banking app can provide members with 24-7 access to account information, instant bill pay features, and the ability to make purchases, transfer money to friends, and deposit checks with just the click of a button. These revolutionary changes have made banking quicker and easier than it’s ever been. As mobile banking continues to transform the financial industry, credit unions must pay close attention to what’s happening.

The growing demand for digital banking services and the rise of fintech companies into the banking space means that credit unions (CUs) have to change the way they do business in order to stay competitive. Members now want access to a variety of online banking services, and the credit unions that fail to provide them likely won’t be around too much longer.