Big data creates 'digital revolution'

Credit Union System Digitization Working Group releases 2021 end-of-year report

January 31, 2022

The Credit Union System Digitization Working Group, led by CUNA EVP/Chief Engagement Officer Greg Michlig, released its 2021 End-of-Year Report Monday. 

The report includes the latest insights from credit union leaders who are creating an industrywide 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 union execute new and existing digital strategies.

“Each member of this group is committed to growth and innovation within the credit union movement, and digitization is a huge part of that process,” said Michlig. “Last year, we laid the groundwork for what we hope will become an industrywide effort to deliver better digital solutions. Looking ahead, we are focused on developing tools and thoughtful guidance that every credit union can implement, regardless of their asset size or infrastructure.”

The Credit Union System Digitization Working Group formed three new workstreams to transition to the actionable item phase from the information gathering phase.

  • The Maturity Model Roadmap group will identify key offerings, strategies and operational checkpoints credit unions should consider in relation to their digital maturity.
  • The Digital Journey Assessment Tool group will develop a tool that gives credit unions the opportunity to perform a self-evaluation, identifying the next steps to take on their digital journey.
  • The Credit Union Digitization Score group will create a scoring matrix to benchmark digital activity, giving credit unions data to measure the impact of their digital tools and offerings.

The Credit Union System Digitization Working Group evolved from the CUNA COVID-19 Restart and Recovery Task Force and is a collaborative effort of 41 leaders from across the credit union movement to ensure that credit unions and system partners can remain relevant in this fast-changing operating environment.