When social distancing guidelines went into effect across the United States, credit unions responded by closing or limiting access to lobbies and reducing the number of employees working in branches.
As a result, many credit unions became digital-first entities almost overnight—encouraging members to use virtual channels to access their accounts and services. In this environment, the concept of digital trust has come to the forefront for many credit unions.
John Ainsworth, president and chief executive officer of CULedger, joins the CUNA News Podcast to discuss building digital trust with members, implementing enhanced security features like decentralized identities, and anticipating how these technologies will continue to evolve.
Ainsworth also explains how joining CULedger's MemberPass Trust Registry™ and getting familiar with new guidance from the Federal Financial Institutions Examination Council are good first steps for credit unions to start building secure, trusted digital relationships with members.
In this episode:
1:31: Adapting digitally to coronavirus (COVID-19)
2:36: News ways of working and security concerns
4:04: Protecting members in the new environment
4:50: Digital trust and why it's important
6:03: Building digital trust with members
6:52: How decentralized identities work
8:13: Decentralized identities in practice
9:42: Implementing enhanced security features
11:22: Digital trust standards
12:44: How the standards benefit credit unions
15:21: Technologies evolve in the wake of pandemic
18:52: First steps for building digital trust