Amid the era of digital transformation, credit unions and financial institutions are finding profit-driving applications for the treasure troves of data that have been at their disposal for several decades. This data is providing a new perspective in consumer behavior, preventing disasters and thefts, and unlocking the secrets of money movement. And now, big data is poised to make big changes to consumer lending. Let's take a closer look at three ways it's already happening.

The pandemic has turned digital preference into a priority. Out of necessity, many banks and credit unions were forced to stretch beyond physical interaction and offer a completely digital experience. As a result, lenders have improved their online loan application process, making them quicker, easier, and user-friendly. According to a recent survey, nearly two-thirds of people who have applied for loans within the last two years complete them partially or completely online. As a credit union, it's time to recognize that today's consumers desire online and mobile solutions, and deliver just that.

Your credit union may have figured out how to serve Millennials, but there is another generation to understand: Gen Z. Although the two generations look similar, their interests, tendencies, and money-spending habits are quite different. So, how can your credit union stay ahead of the game and offer the most convenient and appealing services to the next round of consumers? These potential members are the future, and credit unions would be wise to learn how best to cater to this generation.

Over the next two decades, the U.S. will experience an unprecedented generational transition of wealth. The aging Baby Boomer generation is expected to transfer $30 trillion of inheritance to Generation X and Millennials. This historic transition of wealth and buying power is also ushering in shifting perspectives around debt, money, and investing. As such, it's imperative credit unions harness this knowledge to tailor how and what services they deliver to their members. Let's take a closer look at generational trends and how credit unions can use these trends to unlock a superior credit union member experience.

There have been many changes in the financial industry over the past couple of years, and credit unions have had to be agile and adapt to the latest trends. Although the sudden digital transformation of banking was difficult for many credit unions who pride themselves on personal service and community involvement, most were able to adjust and find ways to bridge the gap between digital banking and superb member service.

With mobile banking reaching its saturation point, credit unions now need to focus on product differentiation. It is no longer enough to just offer a mobile solution--it is now time to match mobile offerings with your member base. Remember, product differentiation is key, design excellence matters and your aim should be an incredible member experience.

As mobile banking continues to rise in popularity throughout the United States and the world, credit unions must pay special attention to the types of features they offer in their mobile app or they risk getting left behind. But how exactly do credit unions create a mobile banking app that not only handles the basics, but goes above and beyond setting itself apart from the rest of the competition?

According to the Business Insider’s Mobile Banking Competitive Edge Study, nearly 90% of credit union members claim they use mobile banking services. Additionally, more than 95% of millennials report using mobile banking. What this means for credit unions is that having a quality mobile banking app is now an essential part of doing business. However, not just any mobile banking app will do.

The digital age has arrived and is here to stay. Credit union members have turned to digital and mobile banking apps to complete their everyday banking transactions. These changes in behavior combined with the rise of fintech companies such as Venmo and Paypal are forcing credit unions to enhance their digital banking services and mobile apps at a rapid pace.

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.