Worldwide Foundation for Credit Unions Believes ‘Everyone Deserves Digital’
COVID-19 crisis shows need to accelerate credit union digital transformation
May 04, 2020
MADISON, Wis.—With the COVID-19 crisis further exposing a major disparity between credit unions that offer digital financial services and those that do not, Worldwide Foundation for Credit Unions is looking to accelerate the digital transformation of credit unions worldwide through a new fundraising campaign.
“We are launching ‘Everyone Deserves Digital’ because digital services are no longer a convenience—they’re a health necessity,” said Mike Reuter, executive director of the Worldwide Foundation.
Credit unions that do not offer digital services must still conduct face-to-face transactions. While those credit unions are taking safety precautions during the COVID-19 pandemic—such as employing social distancing and utilizing personal protective equipment and hand sanitizer—their staff and members are still at a greater risk than they would be if those credit unions could offer digital services.
“But in order to digitize we need peer support. We hope leaders at credit unions that offer digital services—and understand the level of safety they provide—will consider investing in our ability to supply more financial cooperatives with the tools necessary to make digital services available to those who need it most,” said Reuter.
Money raised through the ‘Everyone Deserves Digital’ campaign will go to Worldwide Foundation’s Priority Fund, which supports World Council of Credit Unions’ project development work. World Council is currently helping credit unions in Haiti reach more rural members with digital financial services through its Accessible Finance Activity. It is also designing an interoperable, open-loop, low-cost, real-time payment platform for its network of credit unions across Asia through the Interoperable Digital Financial Services for Credit Unions Project.
The Everyone Deserves Digital campaign will help to ensure World Council can make digital financial services a primary focus of its project development work going forward—so credit unions are better prepared for the next crisis.
To make a donation, or for more information about Worldwide Foundation for Credit Unions, visit the Everyone Deserves Digital campaign page.
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.