Digital Channels
Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.
In 2014, World Council of Credit Unions set a goal of reaching 260 million credit union members worldwide by 2020.
Through a concentrated worldwide effort, credit unions were able to reach our "Vision 2020" goal by 2017. But that growth was not even across all countries or among all credit unions. The credit unions that grew were those that offered core services via online and mobile channels. That is why we are now addressing how we increase membership going forward—through the digitalization of the global credit union system by 2025.
World Council will measure the digitalization of credit unions in four key areas for Challenge 2025.
Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.
Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.
Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.
Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.
Track the latest developments in digitization by subscribing to our Challenge 2025 Blog. You can also send us updates on how your credit union or credit union system is striving to help us meet Challenge 2025 at communications@woccu.org.
2024-04-25
The National Confederation of Cooperatives (NATCCO-Philippines) is now working to offer e-signature solutions thanks to a landmark two-year contract with blockchain-powered digital identity and digital signature platform Twala.
Read More2024-03-28
The Irish League of Credit Unions (ILCU) in March unveiled a policy manifesto that asked for financial support from the Northern Ireland Assembly to ensure credit unions can implement new digital platforms and offer more online services to members, along with other language that would bring about essential changes and recognize the essential role of credit unions within communities and the wider economy.
Read More2024-02-29
World Council of Credit Unions (WOCCU) on February 7 launched its Hub C Innovation-as-a-Service online marketplace at an event in Santiago, Dominican Republic, with Asociación de Instituciones Rurales de Ahorro y Crédito (AIRAC), its direct member organization in the Caribbean nation, and representatives from dozens of AIRAC member credit unions.
Read More2024-01-25
Nepal Federation of Savings & Credit Cooperative Unions. Ltd. (NEFSCUN) last month partnered with USAID Trade and Competitiveness to conduct the last of three workshops for SACCOs on the design and implementation a key digital service for business members.
Read More2023-12-27
Sicredi, World Council of Credit Unions' direct member organization in Brazil, this fall launched Organizador PJ, a digital business financial management (BFM) tool that utilizes Artificial Intelligence and Open Finance components to support, in particular, micro-, small- and medium-sized companies in managing their businesses.
Read More2023-11-29
Digital transformation is a people, process and technology change—not a technology change by itself.
Read More2023-10-25
South Manchester Credit Union (SMCU), located in Manchester, England, and a member of the Association of British Credit Unions Ltd. (ABCUL), has launched its new fully branded customer app as it continues its drive to offer an easy and intuitive digital application journey for new members.
Read More2023-09-28
The National Credit Union Federation of Korea (NACUFOK), World Council’s direct member organization in South Korea, this summer launched its new 'Shinhyup ON Bank Corporate' mobile banking service that caters to its credit unions' business clients.
Read More2023-08-30
In response to a recent submission from the Canadian Credit Union Association (CCUA) and Canada's Large Credit Union Coalition (LCUC) on credit union policy positions relating to the development of the country’s Open Banking Framework, Canada’s Open Banking Lead, Abraham Tachjian, has provided CCUA and the LCUC with a letter reiterating its commitment to ensuring that credit unions don’t face unnecessary barriers to participation in open banking.