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Credit Unions\’ Digital Innovation Priorities

Consumers, businesses and financial institutions (FIs) cannot wait to bid adieu to 2020, which has been one of the most trying years in recent memory. The pandemic has cost more than 300,000 lives in the United States alone, and it has also challenged many institutions — such as credit unions (CUs) — that were never designed to operate on a primarily remote basis.

While many credit unions had already begun implementing digital technologies before the health crisis began, they were forced to radically accelerate their efforts after stay-at-home and social distancing protocols gave them little choice. Many CUs have since leaned into these efforts with digital innovations aimed at a range of issues, such as tackling fraud or enhancing members’ remote banking access.

The December edition of the Credit Union Tracker® explores the space’s latest developments, including how CUs are continuing to go digital and why credit unions’ can no longer afford to take wait-and-see approaches to digital innovation. It also examines the evolving role that physical branches will play in the space’s future.

Around The Credit Union Landscape

PSCU, the credit union service organization (CUSO) that serves more than 1,500 CUs, recently announced that it added another layer of protection for its credit unions with a new customized approach. The St. Petersburg, Florida-based CUSO said its Enhanced Fraud Services initiative has already helped 10 credit unions combat fraud, including chargebacks stemming from instances of members’ payment card details being stolen and sold on the dark web. It also offers participating CUs customized consulting services.

Canada’s largest community credit union has announced that it is expanding its commercial network. Vancity said it has agreed to collaborate with North Carolina-based nCino to implement the latter’s Bank Operating System, which will replace its 15-year-old network. The new cloud-based system can help FIs manage loans from origination and review to renewal and modification. It will allow the institutions to use one solution for the entire process.

Houston-based First Service Credit Union has selected a third-party provider’s digital banking suite to enhance its members’ online access to financial services. The agreement will give the CU access to offerings such as an omnichannel digital banking platform with biometric login capabilities. The tool acts as an automated investment solution for members and also features a chatbot that leverages artificial intelligence (AI) to answer frequently asked questions.

For more on these and other stories, check out the Trackers News & Trends section.

Coast Capital On The Innovations Driving CUs’ Digital-First Future

Credit unions were not immune to the dramatic shift in consumers’ banking preferences when the pandemic began. Branch closings, stay-at-home mandates and social distancing measures forced CUs to adapt overnight as members opted for digital solutions and staff worked remotely. In this month’s Feature Story, Nancy McNeill, senior vice president of operations at Coast Capital Savings Federal Credit Union, spoke with PYMNTS about the challenges and successes CUs are experiencing as they go increasingly digital. She also explained why there could still be a bright future for physical branches despite this migration.

To get the full story, download the Tracker.

Deep Dive: Where CUs Are Making Digital Headway, And Where They Can Do Better

Credit unions have stepped up to reinforce their digital operations during the pandemic. As their members began shifting to online and mobile banking channels, CUs have been forced to compete with tech-savvy competitors such as challenger banks and FinTechs. This month’s Deep Dive explores how credit unions can reflect on the lessons they learned in 2020 as they craft digital-first approaches for the new year.

Read the full Deep Dive in the Tracker.

About The Tracker

The Credit Union Tracker®, a PYMNTS and PSCU collaboration, is your go-to monthly resource for updates on trends and changes in the credit union industry.

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