Credit unions, the time has come to talk about cryptocurrency. The decentralized digital money, commonly called crypto, has been making its way into the mainstream financial sector for some time now, but credit unions and other traditional financial institutions have largely avoided jumping on the bandwagon.
According to a report from PYMNTS.com, only 22% of surveyed credit union executives expressed interest in making crypto capabilities available at their institutions. Of that 22%, not a single one actually offers any. Even where interest is piqued, a dearth in advancement remains prevalent.
Based on more data from the PYMTS report, that could soon become detrimental to credit unions, as 29% of surveyed members “say they value product innovation enough to leave their primary financial institution for another bank or credit union.” The key language here is “product innovation.” If you’re not participating in that movement, there could be very real ramifications. Technological advancements have changed the financial sector over the years and, whether you like it or not, crypto seems to be sticking around for the long haul.
Imagine a world where money counting machines and ATMs didn’t exist — your credit union would need a massive atrium and innumerable tellers to painstakingly count each dollar withdrawn by each customer each day. Without incremental technological advancements, the finance world wouldn’t be what it is today, and it would certainly be a more trying place to navigate. Stepping into the future is generally inevitable eventually, so why not commit to staying ahead of the curve instead of being dragged into it?
With cryptocurrency, your credit union would still be ahead of the curve if it adopted any crypto services, even just educational ones. Consumers are eager to learn about the potentially lucrative enterprise and often turn to the internet for education since their financial institution likely doesn’t offer any. Becoming a reliable source for information at a point where misinformation runs rampant online is a surefire way to genuinely benefit your members’ financial health while setting yourself up as a modern, advanced institution.
When it comes to being a source for educational financial information, no one can set you up for continuous success like Zogo. Our award-winning financial literacy products and services will engage, attract, and retain new and existing members. From our standalone educational app that rewards users for learning to our brand new integrated loyalty program offerings, connecting with today’s customers and meeting their unique educational and financial needs has never been easier.
Not only do we provide a handful of educational modules about the strange world of cryptocurrency and decentralized finance, we also provide more than 800 modules on widely varying financial topics. Whether consumers need to know about compounding interest or the fascinating digital currency sweeping the world, our ever-growing library of lessons will keep them informed and on track.
Request a demo to learn more about how Zogo can help your credit union become a leader in the future of finance.
Zephyr Jaeger is a marketing content writer at Zogo.