The National Credit Union Administration's Office of Small Credit Union Initiatives (OSCUI) has released a guidebook to assist credit unions attempting to meet the demand for digital services. The guidebook, titled "Going Digital: Strategies for Providing Digital Services," is available under the regulator's Small Credit Union Learning Center, and provides instruction for credit unions on properly assessing the needs of their members and what products or services will meet those needs.
The guidebook also gives insight into advantages and disadvantages for credit unions who are seeking a more robust platform of digital offerings.
"Members want greater convenience at less cost, and credit unions need to be prepared to provide mobile services in a way that retains their personal relationship with those members," said Martha Ninichuk, acting director of OSCUI. "This is particularly important to credit unions' efforts to attract new, younger members. We've created a resource guide that explains both the how and the why of offering digital financial services."
According to the NCUA, the guidebook touches on aspects of internal analysis for credit unions that are looking to increase their offerings, including:
•Costs of offering services and whether they will pay for themselves;
•Providing adequate online security;
•Training staff to use and promote services to members;
•Preparing for changes in the organizational structure; and
•Managing growth generated by these services.
"We should stop referring to digital services as the wave of the future," the guidebook says. "The wave has already flooded us."
