The World Council of Credit Unions (Woccu) has launched an online platform to support the digitisation of the global credit union system. The platform will be available to credit union professionals interested in sharing stories about the digitisation efforts.
Themed Challenge 2025, the initiative aims to increase membership going forward – through the digitisation of the global credit union system by 2025. It also builds on Woccu’s Vision 2020 goal, which aimed to reach 260 million credit union members worldwide by 2020. The target was reached in late 2017 but Woccu says growth was not even across all countries or among all credit unions. According to the trade body, credit unions that grew were those that offered core services via online and mobile channels.
To measure the state of credit union digitisation, Woccu will annually measure credit union system growth in: Digital Online Banking, Digital Payments, Data Analytics and Data Cybersecurity.
Updates on the process will be published on the Challenge 2025 blog where credit unions and credit union service organisations will be able to give examples of how they are growing by going digital.
“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,” wrote World Council president and chief executive Brian Branch in the initial Challenge 2025 blog post.