As recently as a decade ago, the idea that we were headed towards a "cashless society" seemed laughable. Now, with more and more people making purchases online and with options such as contactless payments becoming the "new norm" for in-person experiences, we may be a lot closer to a cashless society than we think.

Today, consumers have access to more ways than ever to pay for goods and services. Whether it's convenient Buy Now Pay Later (BNPL), Cash App, Venmo, PayPal, or embedded payments—they all represent easier, frictionless payment methods for consumers. But that's not all they share in common: they all pale in comparison to the popularity of credit and debit card solutions.

The past 18 months have brought unexpected challenges to credit unions of all sizes. The severity of these challenges varies by credit union and some peer groups were more affected than others. Digital transformation became a real topic, instead of wishful thinking or “clickbait” for marketing companies. We quickly learned which credit unions were prepared for a digital transformation and those that were not.

It's simple: Those who fail to plan are planning to fail. While this may not be a surprise or foreign concept, not all planning is created equal. As you begin entering strategic planning for the upcoming year, here are three key goals that should be on your credit union's roadmap.

Does your credit union prioritize digital security? As we've discussed this month, the Cybersecurity and Infrastructure Awareness Agency (CISA) and the National Cybersecurity Alliance (CSA) sponsor Cybersecurity Awareness Month to shine a light on digital security issues for people and businesses across the country.

If your credit union has been paying attention, then you should already know that October is Cybersecurity Awareness Month. Sponsored by the Cybersecurity Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA), the annual event is in its 18^th year and continues to help individuals and businesses raise awareness about the importance of cybersecurity in the present age.

The increased use of digital technology around the globe over the past couple of years has also led to an increase in cyberattacks--particularly phishing. Phishing refers to when a malicious actor sends fraudulent emails or messages with the intent of stealing your personal information and/or money. Since credit unions have access to both the personal information of their members and their money, it makes them ripe targets for phishing and other types of attacks online.

For week two of Cybersecurity Awareness Month, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) will be focusing their energy on phishing attacks. Themed “Phight the Phish!,” the week aims to spread awareness and reduce the risk of phishing attacks on individuals and businesses across the nation. Because credit unions are responsible for guarding both sensitive information and the money of members, it’s important to prepare for phishing attacks and understand how to prevent them and respond appropriately if one occurs.

As the world trends towards more and more digital solutions, there is an ever-increasing risk of individuals and businesses being exposed to cyberattacks. A cyberattack refers to the attempt to steal, disable, expose or destroy information illegally through unauthorized access to computer systems, and when cyberattacks succeed, they can be extremely dangerous and costly to whomever suffered the attack. Because of the clear danger of cyberattacks, it’s crucial that individuals and institutions like credit unions that rely heavily on digital infrastructures take the appropriate measures to protect themselves and their members.

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.