While it might appear that credit unions lag in their digital offerings, it’s more of a perception than a reality, according to a recent article in American Banker.
“Scale and resources, from both an operational and strategic standpoint, underpin any financial institutions' ability to offer a robust digital platform,” said CUNA EVP/Chief Engagement Officer Greg Michlig.
Michlig also noted that credit unions have ‘superior digital offerings’ when compared to like-sized banks — but maybe not large banks.
Despite scale and resources, credit unions are working to provide digital offerings to their members through partnerships instead of building something new.
The Credit Union System Digitization Working Group 2021 End-of-Year Report provided the latest insights from credit union leaders who are creating an industry-wide roadmap for digitization. For the second half of 2021, the Credit Union System Digitization Working Group developed a framework for benchmarking and self-assessment tools that will help credit unions execute new and existing digital strategies.