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

Why the War in Ukraine Has Accelerated Regulatory Work on Crypto-Assets

All of us are concerned about the ongoing conflict in Ukraine. The international standard setters are no exception and are not immune to the influence of this conflict.

Recently the Financial Stability Board (FSB) sent a letter to the G20 highlighting the financial effects of the Russian invasion of Ukraine. What is notable in the letter is the acceleration by the FSB on its work on crypto-assets. The FSB notes that the war has reinforced pre-existing concerns about the growth and potential illicit use of crypto-assets, and that crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.

The FSB is now moving forward at an accelerated pace in collaboration with standard-setting bodies, including FATF, to work on the regulation and supervision of ‘unbacked’ crypto-assets and stablecoins. It is also analyzing the financial stability impacts of rapidly evolving Decentralized Finance (DeFi) to help create the necessary conditions for safe innovation. This is already a part of their ongoing workplan, which was also issued earlier this year. Connected to this is the work on digital currencies for use in cross-border payments, which is also a G20 directive and being worked on by the international standard setting bodies. 

All of us are trying to figure out how crypto-assets will disrupt and transform our industry. There are still many moving pieces and many uncertainties, particularly with respect to what the role of credit unions will play. What are our responsibilities what operational changes will we need to make, and how can we best serve our members with technology? Fasten your seatbelts as the answers are coming—perhaps faster than we all anticipated.

This article was written by Andrew Price, Senior Vice President of International Advocacy for World Council of Credit Unions, and originally appeared in WOCCU's The Telegraph newsletter.