Digital Channels
Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.
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.
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.
2023-09-28
Korean Credit Unions Overhaul Corporate Electronic Financial Services
The National Credit Union Federation of Korea (NACUFOK), World Council’s direct member organization in South Korea, this summer launched its new 'Shinhyup ON Bank Corporate' mobile banking service that caters to its credit unions' business clients.
Read More2023-08-30
Canada’s Open Banking Lead Tells Credit Unions They Won’t Face Unnecessary Barriers
In response to a recent submission from the Canadian Credit Union Association (CCUA) and Canada's Large Credit Union Coalition (LCUC) on credit union policy positions relating to the development of the country’s Open Banking Framework, Canada’s Open Banking Lead, Abraham Tachjian, has provided CCUA and the LCUC with a letter reiterating its commitment to ensuring that credit unions don’t face unnecessary barriers to participation in open banking.
2023-07-31
2023 Digital Growth Awards Go to Credit Unions from USA and Vietnam
World Council of Credit Unions (WOCCU) on July 24 presented a pair of 2023 Digital Growth Awards during its Annual General Meeting (AGM) at the 2023 World Credit Union Conference in Vancouver, Canada.
Read More2023-06-29
Peruvian Credit Unions Will Soon Have Access to a Comprehensive Risk Management Software
Federación Nacional de Cooperativas de Ahorro y Crédito del Perú (FENACREP), World Council’s direct member credit union association in Peru, anticipates launching a pilot project this summer that will allow its member credit unions to request access to a comprehensive risk management software.
Read More2023-05-25
Colombian Credit Union Professionals to Take Digital ‘Deep Dive’ in Silicon Valley
Professionals in the Colombian credit union and cooperative sector will soon be embarking on a three-day engagement in Silicon Valley to identify opportunities to advance the digital transformation of their organizations.
Read More2023-04-28
Ukrainian Credit Unions Upgrade Websites and Provide Modern Digital Services to Members
World Council’s Credit for Agriculture Producers (CAP) Project in March completed its effort to upgrade the websites of both Ukrainian credit union associations, two central credit unions and 49 individual credit unions in Ukraine.
Read More2023-03-23
Brazil's Largest Credit Union System Integrates its Virtual Assistant with Alexa
Sicredi, a cooperative financial institution with more than six million members across Brazil and a direct member of World Council of Credit Unions, has integrated its virtual assistant, Theo, into Amazon's voice command system, Alexa.
Read More2023-02-22
How Kwara is Driving SACCO Growth in Kenya
The following post was written by the Kenya Union of Savings and Credit Cooperatives (KUSCCO) Ltd., World Council of Credit Unions direct member association in Kenya, and originally appeared in the January 2023 edition of KUSCCO's SACCO Star magazine. Kwara, a Kenyan fintech digitizing credit unions, signed an exclusive digital solutions distribution agreement with KUSCCO in January and is also acquiring KUSCCO's subsidiary IRNET, a software company and provider for SACCOs.
Read More2023-01-25
Digital Growth Award Presents Opportunity for Credit Unions to Showcase Success Stories
As World Council of Credit Unions (WOCCU) fields nominations for its 2023 Digital Growth Award, we are struck by how many of our members and their credit unions have risen to Challenge 2025 to help us expand digital transformation across the globe.
Read More