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.

The credit union industry has always been committed to innovation. This idea is especially important in the fast-paced, tech-driven modern world that we're living in. In an effort to not only maintain growth but to accelerate it as much as possible, credit unions need to embrace new solutions like digital payments wherever possible.

In the 16 years since the iPhone was introduced, the world has changed immeasurably. Not only has nearly every facet of our lives become highly digitized, but it's also all hyper-connected as well.

A critical thing to understand about modern-day credit union members is that they want more options, not fewer. If they want to be pigeonholed into a cold, personal experience with a narrow focus that technically meets their needs but not in any particularly satisfying way, they'll do business with one of the larger, national banks. Instead, they want more flexibility and versatility than ever and credit unions (CUs) need to rise to that challenge.

At the core of any effort to increase efficiency for your credit union is an inherently straightforward idea: you need to empower both your employees and your members to do more with less.

A lot has changed for credit unions within the past two years. Many have evolved their delivery models to support more digital, remote communications while still aspiring to offer a special, personal member experience. However, achieving this level of digital prowess takes a strategy that can quickly and easily adjust to uphold specific undertakings, like paycheck protection, skip-a-pay programs, and contactless transactions. Members still require personal connection even while online and those who aren't already acclimated to digital channels need more education, connection, and security understanding to get comfortable. So, what else has changed in the credit union world, and what does the future hold?

In a not-so-distant past, digital payments revolutionized commerce. Today, however, commerce is poised to revolutionize the way money is moved. From manual and paper-based, payments are speeding toward automation, paperless, cloud-based solutions to simplify the buying and selling process.

Traditionally, credit unions haven't been considered digital innovators. Instead, credit unions are notorious for delivering a personable, in-person, in-branch experience to sustain member loyalty and build trust.

Today, however, everything is different. As digital-only fintech firms and major banks pour money into technology to apply external pressure, it's imperative for credit unions to develop value propositions around innovation. While credit unions may not be first adopters or innovators (in the traditional sense), they are fast followers. Let's take a closer look at three top emerging payment trends credit unions should be following and paying close attention to.

The world of payments is on a fast-paced roller coaster to an all-digital destination. The already speeding locomotive received a jolt of energy via COVID-19, which further increased the demand for digital, online, contactless, frictionless, and speedier payments. While most generations show an interest in digital payments, it comes as no surprise that the largest push is being generated from the rear.