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The public health, economic and social challenges occasioned by the coronavirus pandemic require a strategic reassessment and reset for financial services providers, including credit unions. Today, many credit unions are already beginning to lay the groundwork for the operational transformations that may be required as a result.
Of course, COVID-19 has created new, immediate needs for credit unions: Rapidly transitioning to remote work, serving members with reduced branch availability, reallocating branch staff to address increased call center traffic and supporting members in financial distress through deferments, emergency lending and more creative, tailored arrangements.
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