Digital Channels
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.
Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.
Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.
Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.
Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.
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
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
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
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
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
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
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
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
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
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.
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