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.
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Longford Leader