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.

Peruvian Credit Unions Will Soon Have Access to a Comprehensive Risk Management Software

2023-06-29

TECCOM representatives with FENACREP executives in Peru

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.

Developed by TECCOM, a Paraguayan company that specializes in developing IT solutions for the cooperative sector, the software will allow FENACREP member credit unions to assess credit risk, liquidity risk and operational risk.

Representatives of TECCOM made an early June visit to FENACREP to give a presentation on their progress and to gather information essential to completing the final version of the software.

"We are working on a tool that will not only benefit Peruvian cooperatives but also various regions of Latin America. We present a highly configurable tool that can be adapted to the rules, policies and credit limits of each institution,” said Elías Yambay, a Senior Analyst for TECCOM.

The development of the software marks an important milestone in the complete implementation of a comprehensive risk management system for FENACREP member credit unions. Along with automating that process by adopting the latest technology, the project, led by DGRV and FENACREP, seeks to provide dynamic reports to support decision making, further strengthening credit unions.

This is an edited version of a post that originally appeared June 7 on https://fenacrep.org.