CUs and digital readiness: Offering online banking services is no longer enough

Faced with the reality that 40% of Americans aren’t visiting bank and credit union branches in favor of online and mobile banking, financial institutions today understand that they must be “digitally ready,” with an online presence that meets the expectations of today’s consumers.

Like other FIs, credit unions are expanding their digital presence by moving traditional banking services online. But, the competitive landscape is also changing. Technology companies are making their way into financial services, and it’s predicted that in 10 years, a technology firm could be world’s largest bank. In a survey by Bain & Company, 73% of millennials said they would consider banking with a tech firm.

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