With the lowest mortgage rates in years, it’s no surprise that mortgage originations and refinancings are soaring around the nation. This is good news for credit unions. However, advancement in digital technologies and the rise of fintech companies into the lending space also means that the competition in the mortgage lending market is as tough as ever.

Although credit unions in the U.S. hold a small share of the total mortgage volume, mortgage lending is an important part of doing business for credit unions of all sizes. Since the pandemic and the lowering of interest rates has no doubt put a squeeze on the mortgage lending business and made it more competitive, credit unions that wish to thrive in this environment must leverage their digital technologies, data, and member services to attract new members, generate loans and continue their growth.

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.

Over the last couple of years, the rapid changes taking place in digital banking have put pressure on many credit unions to improve their digital platforms. One of the most important elements of creating any successful digital banking platform is making sure you can offer a frictionless Digital Member Service (DMS) experience to your members. Today, when members need help, they expect efficient, fast and user-friendly member services.

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 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.

2020 was a tough year for credit unions and other businesses around the country. Many were forced to make fast and difficult changes to satisfy their member and customer needs. As the future of brick-and-mortar remains uncertain, credit unions must take advantage of all the opportunities and resources that are available to them.

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.

The rise of competition in the finance space is unprecedented. Fintech companies like Venmo and Paypal have been attracting younger users with social components to their apps, while tech giants such as Google and Apple have altered consumer behaviors with digital wallets. Even apps like Uber and Amazon are reshaping customer expectations with one-click ride sharing and shopping. The services these tech companies offer have a few things in common—they’re fast, efficient, and digital. They also encroach on traditional banking spaces, posing a potential threat to credit unions.