In a lot of ways, the success of credit unions over the years can be attributed to their natural emphasis on innovation--particularly when compared to larger financial institutions.

Regardless of how you look at it, enabling digital account opening for credit unions brings with it a number of distinct benefits, all at the exact same time. For starters, it creates a more satisfying experience for members--particularly those who are a part of the younger generations. These people want to bank wherever they want, whenever they want, and however they want. They increasingly use smartphones and other mobile devices to do it and digital account openings are a natural part of that.

Offering forward-thinking services like digital new account openings is a great way to improve your credit union's conversion rates, empower the user experience, and attract the attention of a younger and technologically savvy group of potential members--all at the exact same time.

The process of opening a new account digitally is a critical part of any credit union's success. It serves as the gateway to an array of features and benefits, and a successful experience can increase member satisfaction, boost loyalty, and set the foundation for positive long-term relationships. As such, it is vital for credit unions to optimize their digital new account opening processes to ensure they remain up to date with changing technology and member preferences, continually offering the best possible experience.

Savvy credit union leaders understand that there have been a few key drivers of both deposits and loan growth in recent years. Better marketing campaigns that effectively target younger members are one of them, as have been more aggressive offers that people just can't help but say "no" to.

Although it may sound unbelievable, a recent study revealed a frightening prediction: up to 80% of financial institutions could disappear by the end of the decade. That is unless they can find a way to use technology to innovate their operations, bringing them more in line with the expectations of modern audiences. Note that this number includes not only big banks but credit unions as well. Nobody is immune to the ever-evolving digital world that we are now a part of.

Growth is always a top priority of any credit union leader--as it should be. But as you work to develop new growth strategies for your organization, you need to look for new opportunities to incorporate digital transformation as a part of it.

The past two years have seen strong credit union industry growth, which has been attributed to pent-up demand, in what has been called a rebounding economy. NCUA reported loan growth of 14.7 percent, membership growth of 8.1 percent, and net worth increasing at 13.9 percent in Q1 2021. This was met by digital transformation initiatives across many credit unions in an effort to meet member expectations in a transitioning consumer economy. Changes in card technologies, enhancements to digital wallet capabilities, and an evolving payments landscape have driven focus and investment over this time and heading into 2023.

Whenever it is determined that the time is right for a credit union core processor change, it's always a fairly malleable and intricate process. After all, you're talking about the technological foundation upon which your very organization has been built. How you provide newer and innovative services to your members. How you build and maintain ongoing relationships with those members. This is very much a situation where you don't want to leave anything to chance.

As is true with any type of digital transformation, converting from an older core platform to a new one can often seem like an uphill battle for your credit union. But not only is it necessary, but in some situations, it is explicitly so--like if you're currently working with two or more disparate platforms that make the lives of your employees and members needlessly difficult on a daily basis.