Top 2022 Credit Union Priorities

2022 credit union priorities

 

We’ve previously shared some planning strategies for your credit union for 2022. Now that we’re past the holidays, the first months of the year will be dedicated to working through the best ways to address your top 2022 credit union priorities.

Resiliency was the word of the year for credit unions in 2021. In the first three quarters of the year, credit unions grew by 5 million member-owners and $230 billion in assets.

2022 Credit Union Priorities: Digital Advancement

Online offerings continue to lead the pack in terms of top 2022 credit union priorities. Your members want you to meet them where they are, without sacrificing any of the exceptional customer service credit unions are known for.

CUs overall have seen a 5.8% increase in lending year over year – another service that has expanded its online presence for many banking institutions in the last year or so. Maintaining that loan growth will largely depend on the accessibility of those loans to all members, from your regulars who come into your branches to do everything from depositing a check to take out a loan, all the way to the digital natives who want to be a member of your credit union without ever having to step foot inside your buildings.

And the rise of cryptocurrency, NFTs, and digital credentials have opened up new regulatory issues that the Federal Reserve, FDIC, and Office of the Comptroller of the Currency are working on identifying potential opportunities and risks to provide legal and institutional clarity on the role of banks in transactions involving these digitally-based assets.

Cybersecurity & Data Protection

Along with this digital growth come more cyber threats. Cybersecurity and data protection must also be priorities to ensure these new assets are protected from those who wish to sell or exploit your members’ personal or financial information.

There are many tools you can add to your digital toolbox that will safeguard your data and streamline your operations including data backup, core hosting, IaaS, virtual desktop, disaster recovery, and colocation services.

Financial Inclusion & Diversity

Many programs that were affected by and molded to better combat the issues caused by the coronavirus pandemic have actually created positive financial, personal, and business results for many credit unions and their members.

Financial inclusion is the availability and equality of opportunities to access financial services. Credit unions have always focused on serving those who are not being prioritized by big banks and their offerings, so it should be no surprise that this will be a great way to expand your credit union’s influence in 2022.

The pandemic has created many unsustainable solutions to temporary but very serious problems. Moving forward with more inclusive financial education and banking services will lead to stronger and more sustainable economic growth and development, and the stability that the whole world is craving this year.

Protect Your Momentum with Digital Backups and Disaster Recovery from IMS

IMS is your partner in virtual private cloud services for your credit unions. Our digital backup and disaster recovery solutions are perfect for safeguarding your member data at all times, even when the unthinkable disaster occurs. Our team has years of experience providing data center services to credit unions all over the U.S.

Browse these and other offerings here on our website or contact us today!

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