Consolidating the Trends Shaping Our Industry up to 2026
The credit union movement has always been defined by its resilience The pace of change in the mid-2020s has been unprecedented. Over the last few years, we’ve tracked the shifting tides of our industry—from the rapid digital transformation of member services to the increasingly sophisticated “internal” cyberattacks targeting our staff. Individually, these trends told a story of a sector in transition. Together, they reveal the credit union blueprint, a clear roadmap for the future of the American credit union. This is a collection of older blog posts, consolidated to give you a good resource for being a better credit union in 2026 and beyond.
In this comprehensive guide, we are consolidating our deep-dive research into one definitive resource. We’ll explore the intersection of member trust and high-tech security, the “nefarious” rise of spoofing attacks, and the operational trends that are separating the leaders from the laggards. Whether you are an executive charting your three-year plan or an employee on the front lines of member service, this is your bird’s-eye view of where we’ve been—and exactly where we are headed. We will delve into broad trends, financial and lending trends, marketing trends, and then compliance trends.
New Year, New Trends
2020 was quite a year, right? So many changes presented themselves and we all had to learn what it truly means to be resilient. Credit unions everywhere faced new challenges and have quickly adapted when it came to helping their members. Not only that but the way we market had to also take a quick turn to all digital platforms. In this marketing corner, we will discuss what your credit union can expect when it comes to marketing and best practices in 2021. It’s a new year and so new trends come into play.
BE TRULY ADAPTABLE.
As we all saw, things can quickly change at the drop of a hat. While in the marketing profession, most of us are used to things changing quickly, and we must continue to prepare in advance. This means, don’t just wait until something falls in your lap before addressing the situation. Go looking for the disruptions! By doing that, you can ensure your team and CU can be actively prepared for anything in the foreseeable future. We all know that marketing means always adapting – and with the year we had, going into 2021 – just remember to continuously listen to your members and keep an open line of communication.
TAKE ON DIGITAL TRANSFORMATION.
If 2020 gave us an insight into the future, it’s that we must be pushing for digital. According to Global Marketing Alliance, in 2020, investments in paid, owned, and earned digital channels now account for almost 80% of multichannel budgets, with digital advertising and search advertising taking nearly a quarter (22%), with social marketing (11.3%) and website (10.4%) topping the list. The change we are seeing when it comes to going digital is something that is likely to be permanent going forward. If your CU is not on all the possible digital channels, you are missing an opportunity to reach your members and potential members.
INCORPORATE OLD WAYS.
While the New Year starts to unwind, some of our old values and ways of doing things will eventually return. Being able to incorporate old marketing tools with new and digital ones will be very beneficial for your CU. The future of marketing will fall within traditional and new, and effective ways of marketing. While some of your members may be ready to return to doing business in-branch, a lot of members will still be wary of doing so for some time to come. Being able to accommodate all members is what will make your CU stand out from the rest. Giving members the relationship that comes with banking with a CU through digital platforms is not always easy, but hopefully, with a good marketing team to back you up, it’s possible! The new normal for CU’s will be taking on a balance of both marketing worlds.
While there are sure to be other trends that may be predictable or unpredictable, one thing that will always remain the same is Oak Tree’s ability to be there for your CU!
4 Financial Trends That Are Here to Stay
Is Your Credit Union Ready?
It goes without saying that the banking industry has undergone quite a few changes since March of 2020. Due to the ever-changing pandemic landscape, back-and-forth policy mandates have forced businesses into adopting hybrid operation models. Drive-through-only banking, reduced hours, more emphasis on virtual interaction, contactless transactions, in-branch capacity limitations (and in some cases closing entire branches), and remote staffing are just a few of the more obvious adjustments that credit unions have had to make. Some of these changes surprised us by the realization that they are here to stay. We have collected 4 financial trends that are here to stay.
Based on consumer response, credit unions recognize the need to adapt to a few of these trends going forward, in order to continue best serving the needs of their members.
1. REMOTE BANKING
Remote (digital) banking is on the rise, and unlikely to return to its “alternate method” status. People have become accustomed to the convenience of making deposits from their phones and applying for loans online – but this was happening even before Covid-19 entered the scene. As it would seem, conditions have forced an expansion of (and sense of permanency on) those practices. Some of the newer adaptations make members feel more in control of their finances, signaling a shifting preference for digital banking over in-branch interactions. This can only mean that more institutions will be embracing fintech acquisition and the virtual capabilities of basic functions.
Undoubtedly, there are many who would rather have a person-to-person experience, furthering the need for a successful hybrid framework within most financial institutions.
2. CYBERSECURITY
One drawback to remote banking can be an obvious one. Cybercrime is increasing right along with the popularity of online financial activities. For this reason, cybersecurity has never been more important, nor has the extra effort a credit union must apply toward educating its members on security measures and instructing them on the proper use of new systems. A good customer-service response strategy is vital in this area, as members can become frustrated by multiple security demands in accessing their accounts, or become vulnerable to fraud or identity theft by not understanding how to follow protocol. Your credit union may become their greatest hero or worst enemy, depending on how new digital-driven practices are rolled out and managed.
3. CONTACTLESS PAYMENT OPTIONS
One area that has seen improvement for the better is the process of exchanging currency in retail environments and from person to person. Automated transactions have been available for decades with ATM technology, however, recent infection-spreading fears have launched an urgency to implement better tools for minimizing physical contact.
A few ways these fears have been conquered are with the use of QR codes, tap-to-pay credit card features, digital wallets, and peer-to-peer (P2P) platforms you will undoubtedly be familiar with, such as Zelle, Venmo, Cash App (by Square), and Popmoney.
QR (Quick Response) Codes
Scannable pixelated patterns that can be easily read with a digital device, like a smartphone. The square-shaped grid can be read horizontally and vertically (as opposed to only vertically, as with barcodes), and with an adequate internet connection will navigate to a URL where the consumer can make a payment, and view a website, or perform other functions. The QR code method does not require costly equipment or extensive training, and instructions are self-explanatory and easy to follow. Digital receipts are delivered to both consumer and retailer and no human contact is made during the transaction. Provided the customer links to a stored credit card within the QR app and there is good communication regarding the amount of sale and expectations of both parties, the QR code method of paying for goods and services can work very well in most cases.
Digital Wallets
Also known as e-wallets, are software versions of payment information storage. Digital wallets store virtual credit cards and access financial platforms like PayPal, ApplePay, and Google Pay – and much like a physical wallet, even hold concert tickets and coupons. A member can deposit funds to reloadable cards, link a bank account, make and receive electronic transactions without having the physical credit card present, and keep a variety of payment sources organized in one place. A compatible card reader is necessary for in-person exchanges.
Tap-to-Pay
Features on credit cards have been around since 2004, according to Global Payments Integrated, with retailers installing point-of-sale terminals to accommodate this contactless payment method. (Actually, “tap” is a misnomer, since the card doesn’t necessarily need to touch the point-of-sale device. It should activate within an inch or two from the terminal.) The card is equipped with a chip that the terminal reads when in close proximity, eliminating the need to “swipe” the card, resulting in minimal-to-no contact.
Peer-to-Peer (P2P)
Systems that allow users to make financial transactions through a linked bank account or credit card to another holder of the same platform. As the name suggests, this type of payment option is ideal for individuals to pay one another for goods or services without a third-party channel. There are quite a few of these apps, but each one seems to possess prime features for individual preferences. For instance, some are best for frequent online shoppers, some are best for groups of friends, and some are best for Apple users, etc.
Credit unions are finding that supporting members’ access to multiple contactless transaction options is the only path ahead. This pertains to interacting with the financial institution itself, and when using their accounts for purchases elsewhere. These practices will certainly continue to shape and inform relationships among financial institutions, merchants, and consumers.
Other more traditional mobile payment options that are still very much in use (and considered to have the most secure protections) include in-app purchases (accessing a payment portal through a downloaded application on an electronic device), website shopping-cart checkout purchases (transactions made directly through a company’s website), and wireless readers – e.g., Square – (a portable card-reading device).
4. CRYPTOCURRENCY
In light of NCUA’s recent regulatory guidance letter, federally insured credit unions are able to offer their members cryptocurrency custody services. Digital assets (like Bitcoin) can now be bought, sold, and held through third-party service providers, allowing credit union members to take advantage of this relatively new form of currency exchange. Specialized education and training in this area will be essential to keep up with this trend, as many institutions already have systems in place to accept electronic money in exchange for goods and services.
To be sure, there is an underlying myriad of trends that will show a pattern in the near future, but the four mentioned here are worth immediate analysis and implementation by your credit union; essentially, you must be ready and willing to accept the changes to come, and the changes that are already here.
Navigating Current Lending Trends
Navigating Current Lending Trends for Growth and Compliance
Following current lending, trends can boost loan applications and approvals. It can also spark new partnerships and provide a competitive edge in a volatile market. Let’s look at navigating current lending trends for growth and compliance; and how they can help your credit union grow.
How do I encourage membership growth?
CUs generally have lower loan rates, higher rates on savings and investment accounts, and fewer fees. While credit unions focus on securing memberships from younger generations, it’s important not to discount lending to small and mid-size businesses.
Due to economic uncertainty, small business owners are forced to seek online lending options. Online lenders are dominating the market with higher percentage approvals and quick funding.
Small businesses are worth the acquisition cost since most will need additional products like checking and savings accounts. A positive CU experience could solidify a long-term client both for business and personal financial needs.
How do I increase equipment loan approvals?
Once you have established relationships with small and mid-size businesses, they will likely need additional loans such as equipment financing. While it’s easy to put a business owner into a box by only recognizing his credit score or actuarial models, that box doesn’t meet the needs of today’s business owner.
Does the owner have collateral? Cash flow? Do they have a good reputation with your CU? All of these factors should also influence loan approval.
By underwriting each equipment loan, you can personalize the experience and collect pertinent data that can help upsell additional products and services.
Take the time to get to know local industries that are seeking loans. Do you understand their equipment needs? Are they able to source new or used equipment?
Establishing genuine care and concern for each business member’s needs can generate referrals and build trust among industries. Running a business in any industry is difficult and understanding the needs and unique financial mistakes can help your CU provide solutions to keep those businesses running without a hitch.
How do I go digital without losing members?
By 2025, it is estimated that over half of tasks currently held by various credit union personnel such as loan officers, tellers, and financial advisors could be automated according to Accenture. Although going digital could save financial institutions billions of dollars, it also affects the ability to provide a human experience, a touchpoint that credit unions rely on.
However, going digital doesn’t have to mean slashing the workforce or giving your members the cold shoulder. For example, OceanFirst Financial in New Jersey retrained its employees to assist digital banking roles.
Even though OceanFirst closed over 1/3 of its branches, through its employee retention efforts and forward-thinking mindset, it was able to keep over 90% of members who banked at the closed branches.
By adopting digital processes, OceanFirst also witnessed an 81% increase in mobile deposits (2019). Investing in retraining their employees not only educates their staff on digital processes but provides growth and sustainability for their coverage area.
Why should I partner with fintech?
As the need for a personalized digital banking experience paralyzes credit unions, fintech can provide the perfect partnership.
Your CU doesn’t have to become fluent in online coding or start from square one. By partnering with fintech companies, credit unions can expand their network of businesses, and simplify the loan process to engage more members at a faster pace.
This strategy is particularly important for CUs that lack manpower and budget in the areas of risk, underwriting, and compliance.
Fintech can also help CUs gather data analysis regarding their potential and current membership. The data measures credit risk allowing the credit union to understand the borrower’s financial behavior before a transaction has commenced.
By using smart credit risk technology, CUs can feel comfortable approving the loan, even if traditionally the borrower may have questionable credit on paper. This is the main avenue fintech uses to speed up loan approvals.
It’s important to choose a fintech early in the game. As fintech gets more established the rates start to increase, which means the cost of partnership can as well. Coronavirus has forced scenarios we have never conceived before. Only being able to communicate via a virtual world is right up fintech’s alley so take advantage of their automation techniques in personal and small business lending.
What’s next for the U.S. economy?
Since 2000, credit union lending as increased in both first mortgage and auto. Totaling $81.6 billion (26.0% of all credit union loans in Q2 2000) and $440 billion in Q2 2019 (41.1%), first mortgages have seen an increase of over 15%. Auto loans have increased too from $123.6 billion in 2000 to $374.4 billion in 2019.
However, 2020 has ushered in a global pandemic, social unrest, and an economic downturn. With all of these factors, it is unlikely that the nation will be as strong economically as it was between 2015-2019. Here are 3 factors that could limit economic growth in the next couple of years.
1. Political Uncertainty
President Trump frequently tweets and according to JP Morgan, those words go way beyond social media banter. JP Morgan nicknamed the tweets the ‘Volfefe Index’ after a confusing 2017 “covfefe” tweet. These specific tweets are showing a significant impact on Treasury yields.
Depending on the content, tweets affect volatility in the market which affects the pricing of options and securities. As the November election looms, uncertainty in the market is considered commonplace.
2. Low Inflation Rate
A low inflation rate is meant to keep the recovery going. However, when inflation rates are already low, cutting them can make a weak economy weaker.
The probability of an additional 25-basis-point rate cut averaged approximately 87% for contracts expiring between the end of 2019 and September 2020 as found by the Federal Reserve Bank of Atlanta’s market tracker.
3. Future Economic Trends
As a higher ratio of Americans is retiring, the U.S. has seen a slowdown in productivity. Less productivity means less economic growth. This decline of economic growth along with a decline in consumer spending could be problematic for a quick economic recovery.
Even with lending wrapped up in the chaos of economic uncertainty, now is the time to invest in technology and comply with industry regulations to stay competitive. Listening to the needs of your members can help your CU weather economic uncertainties. Here at Oak Tree we follow the lending trends in the credit union industry and are here to help you adapt. What’s your feedback on navigating current lending trends for growth and compliance at your credit union?
How to Keep Up With Marketing Trends
CU Marketing Corner
Awareness is a powerful tool in growing your credit union. It takes a lot of effort to consistently stay up to date with current trends in the credit union industry, let alone print and digital marketing. Creating campaigns and strategies to market your credit union takes a lot of time and money, and you don’t want to waste any of that on outdated and inefficient products and channels. It is crucial to assess your standing in the industry and in your #CUcommunity for effective and beneficial marketing. The following are some great ways how to keep up with marketing trends, especially for credit unions.
Social Media
Social media is a powerhouse of information and trending subjects. Current events and pop culture will all flow through social media channels. It’s essential to check in on trending subjects and hashtags for relevant content creation and your own digital marketing streams. Using trending hashtags on channels like Twitter with relevant product promotions will get your posts seen in a sea of channel content. Also, by keeping up on your following and feed, you can engage with what is happening around your community and beyond such as #FinancialLiteracy and #CUCommunity. You can also draw inspiration from accounts like the 10 Twitter Accounts #winning at Marketing by Digital Ink.
Conferences
networking- trade shows Industry trade shows and credit union conferences are a great way to get to know your industry deeper with one-on-one networking opportunities, knowledgeable speakers, and an opening to meet leaders in innovative technology and strategy in the financial sector, and learn how to apply that education to your institution.
Google Ads
Google Ads are beneficial for specific niches or areas that might not hit on social media or in your daily news. You can set up an advertisement for key aspects of your FOM that will help you keep in tune with your target audience. This is a sort of “set it and forget” mentality so that you have a bit of a safety net for not missing essential hits to your site.
Industry blogs and newsletters
Industry blogs are something that should be put in your bookmarks tab, and you should also subscribe to newsletters and commit to reading into your FOM industry news as well as financial industry news. This will keep you aware and informed about upcoming events in your credit union community, significant changes in regulation, and much more. Being informed allows you to hop into content creation with confidence.
Team
One cannot know everything all the time! Everyone has their own customized social media account and perception of how to improve awareness. Your team members afford a huge opportunity for collaboration and insight. Start the conversation and learn where information stems from, giving you the ability to gain another entry into trending realms. Engaging with your team is also one of the top tips of leadership and will help with growth and innovation! Ask your team what they notice from engaging with members and their community to understand the brand voice needed to reach current and potential members.
Member insight
Members are your past, current, and future! It’s important to know what they are engaging with and where! You can mass accumulate information by questionnaire or polling as well as engaging with your members on and offline. It is helpful to learn what your members are interested in and start speaking in a tone they will listen to.
Competitor insight
It’s beneficial for your credit union to gain information on what your FI competitors are doing with their marketing and engagement, and an excellent opportunity for a SWOT analysis. This will give you access to working strategies and platforms that reach target markets. By assessing your competitors, you can learn what content and brand language to use, therefore experiencing less trial and error.
Effective marketing depends on being in the know of current events and upcoming changes in order to get a powerful and engaging message across to existing and potential members. Being informed is key to creating a content strategy, using your personas, and building your brand voice. Oak Tree’s marketing experts can help you develop assessments and tools for upcoming campaigns and strategies which is why we are always writing new Marketing Corner articles in our Credit Union Blog.
What’s The Scoop On Marketing Trends?
Credit Union Marketing Corner
Marketing can come in all shapes and sizes depending on what your CU is trying to market and to whom. Here, we are going to go over the scoop on marketing tools and the toppings that will make your CU stand out to current and potential members. We will discuss what each tactic brings to the table, and how it can add value to your marketing goals. So, what’s the scoop on marketing trends?
SEO:
Search Engine Optimization, offers credibility and trust. SEO is very important to focus on as it has been shown to be where over half of your website traffic comes from. Understanding trending keywords and how to use them is a great skill to have. Organic searching is critical for the research process, especially when it comes to services or products that contain a long sales cycle.
Logo Design:
Having a creative and unique logo design is crucial when it comes to marketing your credit union. Logo design goes, hand in hand with branding and the message you want to get out. Having a good well-thought-out design can make a lasting impression, and will ultimately separate your company from others. Think about all the companies and brands you come across daily. What is the first thing you think of after their name? THEIR LOGO!
Blogging:
We have dived into the many benefits of blogging in our article, 4 Best Benefits of Blogging, but we want to make sure we reiterate the importance of keeping up with regular blog posting. Blogging may seem like an afterthought when it comes to marketing tools for your CU, but it has been proven to be a very beneficial tactic. A blog helps with SEO tracking, which, as mentioned, should be top of the list for your CU. Thsi regularly also helps start conversations among other credit unions or members, and can bring a sense of community.
Event Materials:
When your CU is holding or attending an event it is important to have the proper event materials to back it up. Events are important for credit unions to express their identity firsthand, and are also the perfect way to share thoughts, and ideas, and establish your voice. We discuss here, the importance of event planning further. Ensuring your CU has the proper materials that fall within budget for whatever the event may be, will guarantee you are ready for “showtime.”
Social Media:
We all know how important a strong social media presence, is especially when it comes to building your brand. Making sure your CU is on all social channels and platforms is another key factor to your marketing team’s success. Being on social platforms is not enough to be successful though, you have to ensure you are up to date on the trends and know how to market to the correct audience. If you don’t know the correct channel through which to market the specific message you are trying to get out, you can lose money and time. You can read more about how to create member-based content in our previous article, How to Build a Content Strategy Based on FOM.
Email Layout:
A good email layout design is critical for your CU. Having a well-thought-out layout makes it easier for your members to read and understand. A creative and concise email design will be how you get your members or whomever you are marketing to, to open and actually read your email, as opposed to hitting “unsubscribe” or sending it straight to the trash bin. You want it to be an easy and enjoyable reading experience. Make sure the design aspect is visually pleasing will win you big points with your readers! Keep it simple and letting the content shine, along with a strong color palette will make it fun and inviting.
Promotional Campaigns:
Having a solid promo campaign will ensure you have long-term results and a good ROI. Some of the factors your marketing team should take into account when coming up with a promo campaign fall within these few tips. You want to make sure you can track and measure your campaign efforts after you launch it to be sure it is hitting your goals and reaching the desired demographics. Depending on what your CU is promoting you want to generate awareness and increase revenue, and having a marketing team on your side who knows exactly how to get those results will always be beneficial! You want to most importantly, always make sure you have a CTA (call to action) in ANY campaign you disperse.
E-Newsletters:
Having an email newsletter is an effective way to talk about your CU and the products and services offered. The e-newsletter does not come off as a sales tactic and does not pressure your members. It is simply there to be an informative guide to those who are genuinely curious about what it is your CU does, and can potentially offer. It can be looked at as a “softer” form of advertising to your keep your current audience while creating a respectful relationship with past, current, or future members. Having a monthly e-newsletter can also drive traffic to your website when links are added and are also an environmentally friendly marketing device with generally low cost! Helping the planet AND saving you money?! A win in our book.
Marketing Takeaway
As you might have picked up, marketing comes in a variety of flavors, and these points are just some of the many maneuvers available for use. Choosing what methods to use depends on what is best for your CU and what falls within your allotted budget. Oak Tree is not currently taking on new marketing clients, but we are still here to be an important part of the Credit Union Movement. When your credit union wants to learn more about credit union marketing check out our blog and when they want the best forms on the market for credit unions check out our credit union forms!
Top Trends in Credit Union Technology
The financial services industry is constantly evolving, and credit unions are no exception. In order to stay ahead of the competition and provide the best possible service to their members, credit unions need to be aware of the latest trends in technology. It can be hard to always stay on top of the trends, but these are what we think the top trends in credit union technology are today.
Here are some of the top trends in credit union technology that you should know about:
- Cloud computing: Cloud computing is a rapidly growing trend in the financial services industry and for good reason. Cloud computing offers a number of benefits that can help credit unions improve their operations, reduce costs, and better serve their members.
- Artificial intelligence (AI): AI is another rapidly growing trend in the financial services industry. AI can be used to automate tasks, improve customer service, and detect fraud.
- Blockchain: Blockchain is a distributed ledger technology that can be used to record transactions securely and transparently. Blockchain has the potential to revolutionize the financial services industry, and credit unions are beginning to explore how they can use blockchain to improve their operations.
- Cybersecurity: Cybersecurity is a top concern for all financial institutions, including credit unions. As cyberattacks become more sophisticated, it is important for credit unions to invest in cybersecurity measures to protect their data and systems.
- Open banking: Open banking is a new regulatory framework that allows consumers to share their financial data with third-party financial service providers. Open banking has the potential to make it easier for consumers to comparison shop for financial products and services, and it could also lead to new and innovative financial products and services.
CU Tech Trends
These are just a few of the top trends in credit union technology. As technology continues to evolve, we can expect to see even more innovative ways for credit unions to use technology to improve their operations and serve their members. Some of these we have delved into in past articles, but stay tuned as we will surely delve into them all at some point, soon.
If you are a credit union executive, I encourage you to keep an eye on these trends and explore how they can benefit your credit union. By staying ahead of the curve, you can ensure that your credit union is well-positioned for success in the years to come.
Following the trends is important to a credit union as it can help in the growth of membership and in satisfying the needs of the membership you have. Oak Tree understands this so we ensure our forms are always in compliance with the changes of the regulations while still being accessible by the trends of the day and ready for the new upcoming trends.
Credit Union Fintech Trends for 2024 and Beyond
The most important fintech trends for credit unions to watch in 2024 and beyond.
The fintech industry is constantly evolving, and credit unions need to stay ahead of the curve to remain competitive and meet the needs of their members. There have been a lot of advances lately and we are sure this list might even become outdated by the end of the year, but we are sure these will be some of the most important credit union fintech trends for 2024, what do you think?
1. Artificial intelligence (AI) and machine learning (ML)
AI and ML are already being used by fintech companies to develop new products and services and to improve the efficiency of existing ones. Credit unions can use AI and ML to personalize the member experience, identify and prevent fraud, and make better lending decisions.
For example, credit unions can use AI to personalize the member experience by recommending relevant products and services based on each member’s individual needs. Credit unions can also use AI to identify and prevent fraud by analyzing member data for suspicious activity. Finally, credit unions can use AI to make better lending decisions by assessing each borrower’s risk profile more accurately.
2. Blockchain
Blockchain is the technology that underlies cryptocurrencies like Bitcoin, but it also has the potential to revolutionize the financial industry. Credit unions can use blockchain to improve the security and efficiency of payments, develop new lending products, and create new ways for members to interact with their finances.
For example, credit unions can use blockchain to create faster, more secure, and more efficient payment systems. Credit unions can also use blockchain to develop new lending products, such as peer-to-peer lending or fractional ownership lending. Finally, credit unions can use blockchain to create new ways for members to interact with their finances, such as by providing them with access to decentralized finance (DeFi) protocols.
3. Open banking
Open banking is a new regulatory framework that allows consumers to share their financial data with third-party providers. This can give members more control over their data and allow them to access new products and services. Credit unions can use open banking to partner with fintech companies and offer their members a wider range of products and services. For example, credit unions can partner with fintech companies to offer their members new and innovative products and services, such as robo-advising or budgeting tools. Credit unions can also use open banking to give their members more control over their data, such as by allowing them to switch between different financial institutions easily.
4. Digital payments
Digital payments are becoming increasingly popular, and credit unions need to make sure that they offer their members a variety of convenient and secure ways to pay for goods and services. Credit unions should invest in new digital payment technologies, such as mobile wallets and contactless payments.
For example, credit unions can offer their members mobile wallets that allow them to make payments using their smartphones. Credit unions can also offer contactless payments, which allow members to make payments by tapping their debit or credit cards against a contactless terminal.
5. Cybersecurity
Cybersecurity is a major concern for all financial institutions, including credit unions. Credit unions need to invest in robust cybersecurity solutions to protect their members’ data from cyberattacks. For example, credit unions should implement strong authentication measures, such as two-factor authentication. Credit unions should also encrypt their members’ data and provide employee security awareness training. These are just a few of the most important fintech trends credit unions should watch in 2023. By staying ahead of the curve and adopting new technologies, credit unions can improve their member experience, reduce costs, and increase revenue.
Conclusion
Credit unions that embrace fintech trends will be well-positioned to succeed in the years to come. By investing in new technologies and partnering with fintech companies, credit unions can offer their members a wider range of products and services This also can improve the member experience, and reduce costs. We would also warn though to fully investigate any fintech or fintech providers. As we have seen, many times where companies were too eager to jump on the new thing. Then invest too much and lose. There are risks of these having unknown vulnerabilities, not being fully compliant, or leading one to work with nefarious third-party companies. In the end, we say look to what will best empower your members just as we look to what will best empower the credit unions we work with. If you are ready to use the best forms and documents for credit unions on the market, check out our free credit union document samples!
What trends do you think we missed? Please start a conversation on our social media and we can help move the credit union movement forward together!
