Speed to Digital

The importance of digital transformation took on a new urgency as branch lobbies closed and members followed shelter-at-home directives during pandemic surges. As credit unions move to a living-with-COVID normal, there’s ample evidence to show members who tried digital are likely to keep using it.

Forrester Survey

59% of respondents said they’d keep using digital tools, even when stay-at-home restrictions were lifted. 2 COVID accelerated digital tools and capabilities by at least four years.1 But that uptick in the use of digital tools doesn’t necessarily mean credit unions offer solutions that meet members’ needs — and that could have serious consequences.

PYMNTS.com Research

31% of bridge millennial credit union members would at least consider leaving their credit unions to bank with competitors that offered more innovative products and services.3 There are three times as many dissatisfied credit union members as there are dissatisfied bank or FinTech customers who say they are unhappy with their financial institution’s innovation performance.3

Why Digital First

Your members might put up with a less-than-optimal digital experience for now.

  • But how long will they continue to settle?
  • And is digital the right option for every need?

As important as digital is, there will continue to be times when your members want to connect with credit union staff, one-on-one. Yes, some of those interactions might happen through a computer screen or over the phone, but at least in the near term, it’s unlikely your members will want to rely entirely on a digital experience. It’s critical to focus on digital first, not digital only.

1Forrester. Research analysis, September 2021.
2Forrester. “Consumer Technographics COVID-19 Survey (Wave 2), 2020 (May 8-15).
3PYMNTS.com. “The Credit Union Innovation Study” February 2021.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters: 5910 Mineral Point Road, Madison WI 53705.