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

2024-01-25

Nepal’s SACCOs Work to Boost Digital Financial Services for Entrepreneurs

Nepal Federation of Savings & Credit Cooperative Unions. Ltd. (NEFSCUN) last month partnered with USAID Trade and Competitiveness to conduct the last of three workshops for SACCOs on the design and implementation a key digital service for business members.

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2023-12-27

Sicredi Launches Digital AI Financial Management Tool for MSMEs

Sicredi, World Council of Credit Unions' direct member organization in Brazil, this fall launched Organizador PJ, a digital business financial management (BFM) tool that utilizes Artificial Intelligence and Open Finance components to support, in particular, micro-, small- and medium-sized companies in managing their businesses. 

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2023-11-29

Digital Transformation: It's Not Just an IT Thing

Digital transformation is a people, process and technology change—not a technology change by itself. 

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2023-10-25

British Credit Union Launches New Mobile App to Build Trust and Make it Even Easier for New Members to Apply for Loans and Savings Accounts

South Manchester Credit Union (SMCU), located in Manchester, England, and a member of the Association of British Credit Unions Ltd. (ABCUL), has launched its new fully branded customer app as it continues its drive to offer an easy and intuitive digital application journey for new members.

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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.

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2023-08-30

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.

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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.

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2023-06-29

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.

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2023-05-25

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.

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