WOCCU Launches Online Platform for Challenge 2025
New webpage will focus on goal of global digitization of credit unions
March 17, 2020
MADISON, Wis.—World Council of Credit Unions (WOCCU) has launched a new online resource for credit union professionals interested in sharing stories about their digitization efforts and tracking the progress of Challenge 2025: the digitization of the global credit union system.
The idea for Challenge 2025 came out of WOCCU’s Vision 2020 goal—to reach 260 million credit union members worldwide by 2020. Through a concentrated worldwide effort, credit unions were able to reach that goal by late 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.
To assess the progress toward global digitization, World Council will annually measure credit union system growth in:
- Digital Online Banking.
- Digital Payments.
- Data Analytics.
- Data Cybersecurity.
“Why is this so important? Young adults communicate, shop, read the news and even apply for jobs on their mobile devices. They want to be able to access their financial services the same way. To attract more young members, credit unions need to be able to offer them that ability,” writes World Council President and CEO Brian Branch in the initial Challenge 2025 blog post.
The blog will be used by World Council to provide updates on progress—and allow credit unions, credit union leagues and credit union service organizations to share examples of how they are striving to promote and grow digitization.
You find the new Challenge 2025 page online by clicking here.
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 89 countries. Worldwide, 85,400 credit unions in 118 countries serve 274 million people. Learn more about World Council's impact around the world at www.woccu.org.