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 digitization of the global credit union system by 2025.
World Council will measure the digitization of credit unions in four key areas and report annually on the progress being made toward Challenge 2025.
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 firstname.lastname@example.org.
It could not be more appropriate that the first all-virtual World Credit Union Conference (WCUC) will feature more educational opportunities on digital transformation than ever before, with a keynote address and six breakout sessions devoted to the subject.Read More
The world has witnessed the steady progress of digitization starting back in the 1990s. Technologies like MICR, ATM, credit and debit cards were followed later by digital wallets, prepaid cards and recharge vouchers. The progression of these new technologies and innovations supported the growth of the payments industry. With the rise of fintechs, we have seen even more innovative solutions and methods to transact digitally through initiatives like UPI—a first of its kind platform.Read More
Going digital is a top priority for credit unions as they strive to serve their members in the most convenient ways possible. But what does digitization look like for corporate credit unions?Read More
Given the vast percentage of online financial interactions members have with their credit unions, we could all really use a reliable digital authentication solution. If only you could simply ask for a physical ID in a digital setting, right?Read More