Over the past decade, technology has established itself as a defining element in the financial services industry. The rapid evolution of devices, providers and functionality has created new opportunities for credit unions to connect with members while simultaneously opening the door to new competition. Adapting to this new landscape has long been a priority for many credit unions. The development of new applications, new integrations and new base systems have become permanent elements of the annual strategic plans.
A new sense of urgency was introduced last year when the COVID-19 pandemic accelerated the pace of digital transformation across all industries. A McKinsey survey found that the adoption of digital technologies by businesses accelerated from three to seven years in a matter of months. Nearly two in three executives said they will need to start a new digital business to remain economically viable by 2023. Beyond simply moving industries to digital channels, it is clear that digital technologies and the way consumers use them is driving fundamental changes. in business models.