Challenge 2025

The Digitalization of the Global Credit Union System

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A New Decade, A New Goal

In 2014, World Council of Credit Unions set a goal of reaching 260 million credit union members worldwide by 2020.

Through a concentrated worldwide effort, credit unions were able to reach our "Vision 2020" goal by 2017. But that growth was not even across all countries or among all credit unions. The credit unions that grew were those that offered core services via online and mobile channels. That is why we are now addressing how we increase membership going forward—through the digitalization of the global credit union system by 2025.

Measuring Global Digitalization

World Council will measure the digitalization of credit unions in four key areas for Challenge 2025.

Digital Channels

Offering members core digital transaction services such as online and mobile banking, online payments and online loan processing.

Shared Platforms

Connecting your credit union to a shared payments system that allows for mobile payments and integrated with a national payments system.

Risk Management

Implementation of a cybersecurity system that complies with national regulations to protect members' identity and consumer data from digital attacks and intrusions.

Data Analytics

Employing data analytics to determine additional service offerings to members, and helping to identify those that need financial literacy or counseling services.

 

Follow Our Progress, Tell Us About Yours

Track the latest developments in digitization by subscribing to our Challenge 2025 Blog. You can also send us updates on how your credit union or credit union system is striving to help us meet Challenge 2025 at communications@woccu.org

Colombian Credit Unions Seek to Train Digital Transformation Leaders of Tomorrow

Fecolfin, World Council of Credit Unions' (WOCCU) direct member credit union organization in Colombia, is offering credit union employees and other interested individuals the opportunity to take part in an intensive training program on digital transformation.

In partnership with the Juan N. Corpas University Foundation and Futuro Valor, Fecolfin this summer offered Coop Evolution to equip credit union employees with the skills and knowledge necessary to lead and manage digital transformation and innovation in their organizations.

Through Coop Evolution, participants will acquire a deep understanding of how technology is transforming business and cooperatives in general. They will also learn to identify opportunities and challenges in the new digital environment, and foster a culture in cooperatives that promotes innovation, continuous learning and collaboration in a digital environment.

The program covers a series of courses that will cover various aspects of digital transformation and innovation leadership, including:

  • Open Payments and Open Data.
  • Identifying Processes and Leveraging Technologies.
  • Innovation Agility.
  • Digital Architecture.
  • Risk Management.
  • Information Security.
  • Digital Roadmaps.
Those who complete the 120 hour program will receive a diploma on digital transformation and leadership in innovation.