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One of the constant challenges for credit unions is staying competitive with megabanks and more recently, neobanks, like Chime, Varo and others, which are known for offering convenient, digital-first access to credit and money management products. In a world where 78% of Americans prefer to bank via mobile and online channels, according to a 2022 Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey, credit unions must take note of evolving member expectations and find ways to exceed those expectations before the competition does.
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