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. 

Chatbot Developed for Ukrainian Credit Unions

2024-09-26

As part of its commitment to advancing digital technology in credit unions, the USAID/WOCCU Credit for Agriculture Producers' (CAP) Project developed a chatbot for credit unions, utilizing one of the most popular messaging apps in Ukraine.

Launching this service enables credit unions to enhance the quality of service for their members and serves as a significant step toward expanding online offerings.

The chatbot provides members with convenient, 24/7 access to information on demand, and allows users to receive essential information about the credit union's activities, products and terms. Authorized users can view details about active agreements and make loan repayments or deposits through the payment service provider's page.

In August 2024, the CAP Project successfully conducted two pilot integrations for credit unions, and preparations are currently underway for the full launch of this service. This solution is available to credit unions with comprehensive information systems that support API integration. 

Utilizing funding provided by Worldwide Foundation for Credit Unions through its Ukrainian Credit Union Displacement Fund, several market participants updated their systems this year with assistance from World Council of Credit Unions and the CAP Project, enabling them to implement this innovative service. 

Key features of the chatbot provide authorized users with:

  • access to statistical information on active loan agreements.
  • access to statistical information on active deposit agreements.
  • the ability to make loan payments.
  • the option to make deposits.

The chatbot also features an FAQ section for common inquiries, including:

  • Contact information for the credit union.
  • An option to receive notifications and updates.

Even non-authorized users can obtain information through the chatbot on how to become a member, or update their phone number if they are already a member.

The development of these chatbots is one of the final initiatives of the CAP Project, which ends on September 30, after more than eight years.

WOCCU, however, continues to work with Ukrainian credit unions and their members, through the new USAID-funded GROW Project.