Challenge 2025

The Digitization of the Global Credit Union System

 

A New Decade, A New Goal

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.

Measuring Global Digitization

World Council will measure the digitization of credit unions in four key areas and report annually on the progress being made toward Challenge 2025.

Digital Channels

Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.

Shared Platforms

Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.

Risk Management

Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.

Data Analytics

Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.

 

Follow Our Progress, Tell Us About Yours

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

Synergent and the Irish League of Credit Unions Collaborate on Technology Strategy

Synergent and the Irish League of Credit Unions (Irish League) recently met to discuss how the credit union movement can work together to achieve better outcomes for members through technology.

The virtual meeting, coordinated by World Council of Credit Unions (WOCCU), included teams from the Irish League and Synergent. The Irish League, a WOCCU direct member organization representing 326 credit unions in both Northern Ireland and the Republic of Ireland, is working to develop a digital transformation plan to help their credit unions grow and meet evolving member needs. Because Synergent is a leading, credit union-owned managed services provider that offers technology, payments and marketing services, WOCCU asked Synergent to provide their Irish colleagues their insight. Synergent has engaged in similar roundtable discussions with WOCCU and credit union professionals from Barbados, Rwanda, Kenya, the United Kingdom and Australia.

“We were thrilled when World Council of Credit Unions asked us if we would collaborate with our peers in Ireland about efficiencies and best practices,” said Todd Mason, President/CEO of Synergent. “By sharing best practices, we all become better positioned to drive growth in our movement and expand the products and services we provide to our members. We want credit unions to succeed here at home, but also globally. The more people that can experience the credit union difference, the better!”

During their dialogue, Synergent and the Irish League discussed how each of their credit union systems keep pace with changing technological demands. Synergent also provided a brief overview of its state-of-the-art core processing solutions, customized programming, automation processes and customer service.

“Like Synergent, the Irish League works with credit unions of all sizes and with varying needs,” said Ben Jordan, Senior Vice President of Information Technology at Synergent. “We offered insight into our own approach and how we work with credit unions and our vendor partners to provide products and services that lead to exceptional member experiences. At the end of the day, everything we do is member-driven—a sentiment that our colleagues in Ireland not only appreciated, but shared. We have many commonalities.”

“The digital transformation of the global credit union system championed through our Challenge 2025 initiative took on a new urgency due to COVID-19,” said Brian Branch, WOCCU President and CEO. “Members have come to consider digital financial services to be a necessity, rather than a convenience. Synergent has long been a model which we have shared with our international colleagues. Cooperation and sharing between organizations like Synergent and the Irish League are critical to achieving what is today an urgent digital transformation of credit unions worldwide.”

Synergent is FinTech-focused service bureau owned and operated by Maine Credit Unions.