Our movement was born out of a desire to better serve our communities, and it’s likely that none of us remember feeling that need more acutely. During the Great Recession, credit unions were applauded for their continued lending and economic stimulation during the downturn. The COVID-19 pandemic brings even larger challenges, and credit unions will not be able to rely on business as usual to rise to the occasion. We’ve put together a list of actions for credit unions that are adapting to serve the needs of their members and drive impact in their local communities during these uncertain times.
Fast track projects to stand up digital capabilities for remote access
Many credit unions were already focused on making digital account opening and digital loan origination easier and more reliable. COVID-19 has transformed digital from a value-add to a minimum requirement in a matter of days. This includes, but is not limited to, online account opening, loan origination, or requesting assistance through self-service, automated channels.
With branches closed and members encouraged to stay in their homes, being able to open accounts and originate loans in this remote environment is essential to continuing to serve the membership. With integration into many of the leading digital innovators, platforms, and partners serving credit unions, TransUnion can help credit unions quickly launch or optimize digital account opening or loan origination capabilities. We’ve been encouraged by the strides taken by credit union industry partners, companies like SavvyMoney, CuneXus and Rate Reset, to swiftly enable CUs to implement new loan products and distribution channels via digital experiences.