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Surviving the COVID Economy: 6 Ways Credit Unions Can Accelerate Digital Transformation

Digital transformation has been seeping into all aspects of life for the past few years. While we’ve understood the importance of having a digital presence for quite some time, the quick onset of a worldwide pandemic has pushed digital transformation to the forefront of our minds forcing businesses to the precipice of change, whether they were ready for it or not.

A robust digital presence has evolved from a convenience, and in some cases, a competitive advantage, to an absolute necessity for survival. Businesses, particularly those in the financial industry, have had to quickly shift and implement innovative ways to find new business, increase brand awareness, and provide the same level of service customers have come to expect, while effectively communicating with consumers, employees and strategic partners.

Credit unions are no exception. Whether your credit union has been considering a digital shift but hasn’t taken the leap, or perhaps it just recently began to implement a few new digital strategies, there is no better time to take the plunge into the digital world. As credit unions navigate the post-pandemic environment, members, like all other consumers, are worried. They feel uncertain about the future and what new realities COVID-19 will bring with each passing day. Credit unions must adapt to the new environment to not only survive in this virtual world but also position themselves as strong and steady financial partners, ready, willing, and able to pivot based on changing member preferences, industry trends, and world events.

Now is the time to go all in — all digital. Forget evolution; it’s revolution time.

Implementing an all-digital strategy means evaluating every aspect of your business and your members’ journey – from generating brand awareness and providing services, to how you review loan applications and fund loans, to how members communicate with you.

There’s no doubt digital transformation can seem overwhelming at times. To help break things down, we’ve highlighted some of the key components you should consider and how you can begin to implement a digital strategy that creates a seamless experience for members.

While none of us know exactly what the future holds, it’s safe to assume that digital transformation is here to stay – there is no going back. As consumers continue to interact with other businesses virtually, they will come to expect digital services from their credit unions. Credit unions can use this time to exceed expectations, strengthen the member relationship, and position themselves as long-term financial partners who are here to stay.

Susan Perlmutter is Chief Revenue Officer of REPAY (Nasdaq: RPAY), a leading provider of integrated payment processing solutions to verticals , banks, and credit unions that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers. Find out more at: https://www.repay.com/

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