Challenge 2025

The Digitalization of the Global Credit Union System

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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 digitalization of the global credit union system by 2025.

Measuring Global Digitalization

World Council will measure the digitalization of credit unions in four key areas for 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

Don’t Miss These Digital Transformation Educational Opportunities at the 2021 World Credit Union Conference

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.

In fact, WCUC 2021 kicks off with a presentation from Greg Verdino, a business futurist and digital transformation specialist. A highly regarded authority on “the digital now,” Verdino is known for his uncanny ability to forecast trends, spot the difference between fads and the future, and empower organizations to thrive in the face of exponential change. Through his work speaking, writing and consulting on digital strategy and business transformation, he helps leaders build thriving, future-ready companies. You won’t want to miss his keynote address on Wednesday July 14 at 09:00 U.S. Central Daylight Time (CDT).

That same morning, attendees will have their pick of digitization breakout sessions at 11:00 a.m. Gerard Joyce, Chief Technology Officer for CalQRisk in Ireland, will conduct a session on Cyber Resilience. A resilient credit union is one that can deliver critical operations through disruption. This session will briefly outline the six (6) key pillars of resilience with focus on the cyber pillar (Information Security).

In another breakout room, a separate session on Changing Culture for Digital Transformation will be happening at the same time. Joe Sullivan, CEO for Market Insights, will share a framework for creating and cultivating a credit union culture that both understands the importance of digital transformation and advances it to support future success.

July 21

WCUC 2021 will also end with a focus on digital transformation. The final day of the virtual conference features four distinct breakout sessions on the subject, beginning with Digital Transformation: A Global Case Study, a panel discussion scheduled for 10:00 a.m. (US CDT) with subject experts from credit unions in Australia, Brazil and the United Kingdom.

At 2:00 p.m., Nicolas Chandler, Regional Security Manager for International SOS, will conduct a session on The Growing Importance, and Vulnerability, of Financial Services Employees in the Virtual Post-Pandemic Global Economy. As the indispensable role of financial institutions in securing critical infrastructure against cyber threats only continues to grow, workers in the financial services industry may find themselves playing a more central part in that process in a post-COVID-19 world. This presentation will explore this scenario, as well as strategies for financial firms to mitigate the exposure of their employees to the global risks that continue to shape the international security landscape.

Finally, at 3:00 p.m., conference attendees will have their choice of attending one of two sessions with a digital focus, including Implementing Security Frameworks to Reduce Risk. Ashley Dueble, Chief Information Security Officer for Heritage Bank Limited in Australia, will walk participants through the steps necessary to develop a risk-based shopping list of security initiatives to review and fund to achieve their desired risk posture.

Those with an eye on future unknowns may instead be interested in What Credit Unions Need to Know About Decentralized Finance (DeFi). John Best, CEO of Best Innovation Group, will explore the question—what if there was a global, open alternative to every financial service credit unions offer today, including savings, loans, trading, insurance and more? He will take a deep dive into the DeFi movement and what it means to the credit union industry.

If you’re excited about what you’ve read, be sure to register for the 2021 World Credit Union Conference, so you can be up to date on the latest in digital transformation from the top experts in our industry.