As technology advances and becomes more affordable, nearly 81% of people own a smartphone. All the information one could need is at the touch of a screen. The days of dialing a phone number to find out what hours the credit union is open are long gone. Running a quick Google search or taking a peek at social media is the best way to find out when in-person banking can be done. Naturally, as technology advances, credit unions need to expand options for digital banking and lending
For those who grew up in the digital world, person-to-person or peer-to-peer (P2P) payment applications are nothing to write home about. Gen Z and Gen Alpha have always known the glories of paying a friend for coffee via their phone. For the older generations, however, P2P payments are an incredible advancement in financial technology.
When the first credit union in the U.S. was opened in 1909, all banking was done by paper and, all transactions were manually processed. We have come a long way since then, but with new technology every year, there is always room for improvements. For some credit unions, now is the time for a complete core conversion to improve efficiency and allow for more data integration.