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There are positives and negatives when it comes to how credit unions have adjusted to the digital landscape and members' digital needs, especially since the pandemic began in early 2020. Some of these positives and negatives were laid out in the first report filed by the new Credit Union System Digitization Working Group on Monday.
The group, led by CUNA and made up of 41 credit union leaders from around the country, has met three times since April and submitted its first report this week. The report stated, "COVID-19 has accelerated the adoption of digital technologies in the financial services industry, leading to a focus on contactless payment and reduced dependency on brick-and-mortar institutions. While some banks and credit unions are already adopting new technologies, fintech companies are setting a high bar for consumer expectations."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
