Credit Union COVID Task Force Notes Changes Happening With Member Expectations
The Task Force notes many credit unions are adapting to "universal banker roles" as facilities are repurposed during the pandemic.
Since the pandemic started, officials have seen an increase in expectations from credit union members for a better level of service as banking has moved to a mostly digital environment.
The findings came after the most recent meeting by the Credit Union System COVID-19 Restart and Recovery Task Force. The group is comprised of 27 credit union industry leaders representing credit unions, leagues, credit union support organizations and CUNA staff members.
Since its formation in June, the task force has met on a biweekly basis to discuss strategic priorities including business continuity, digital services and automation, staffing and operations and industry financial impact.
In its latest report, released by CUNA, it stated that there appeared to be a shift in member service already happening. “Credit unions have adopted a more strategic approach to staff training to better equip employees to provide stellar digital service to their members. The path forward for many credit unions will be a hybrid approach to service, combining both digital and face-to-face interactions,” the report said.
CUNA Chief Engagement Officer Greg Michlig said, “Since the start of the coronavirus pandemic, the credit union business environment has evolved as staff members shift to remote work and attention to providing digital financial products grows.”
Michlig added, “The Task Force is actively and collectively thinking through ways we can provide strategic insights for credit unions as they continue to adapt to the realities of the COVID-19 world.”
According to the report, some credit union representatives on the Task Force are researching ways to “modify their structure to support universal banker roles as they repurpose facilities that were intended to for large volume, in-person transactional services.”
While this practice, according to the report, has been executed by several credit unions over the years, other credit unions have “kept more traditional service models in place.” The report said, “One of the obstacles noted was a perceived lack of planning and training tools around implementation of universal banking practices.”
According to the Task Force’s findings, “The pandemic has also magnified the need for Americans to address financial well-being; economic disparities have grown, putting consumers who were struggling pre-COVID-19 into worse financial straits. To address this reality, credit unions have dedicated additional resources to financial counseling so that staff can improve members’ financial journeys.”
The Task Force indicated that CUNA and leagues are working on a new data-sharing initiative “to collect data from credit unions across the country regarding loans, mortgage forbearance and extensions, fee waivers, loan payment extensions, PPP loans and new products” since the beginning of the pandemic.