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NAFCU President and CEO Dan Berger penned an op-ed in Credit Union Times encouraging credit unions to adapt to changes in consumer behavior in light of the coronavirus pandemic. The op-ed published in anticipation of tomorrow's virtual State of the Industry event.
 
“The coronavirus pandemic is upending Americans’ lives. From celebrating school graduations in person to conducting them on Zoom video chats, from shopping on Main Street to buying from online retailers, and from working in an office setting to long-term teleworking, consumer behavior is shifting rapidly,” wrote Berger. 
 
As credit union leaders consider how a post-coronavirus world may impact their not-for-profit, Berger asked, “simply because consumers will be able to visit a branch location once stay-at-home orders are relaxed – will they want to?”
 
“Consumers are increasingly in search of frictionless and contactless ways to manage their finances,” added Berger. “Gone are the days of the traditional 1,500- to 2,000-square-foot brick and mortar branch. Over the next 24 months, the financial services industry is going to undergo a significant digital transformation. To be frank, the wet signature is toast.”
 
Berger also took a clear-eyed view of the pandemic’s impact and encouraged credit union leaders to look inward and examine their own workforce and company policies.  
 
“With increased demand for strong teleworking policies seemingly on the rise – due in no small part due the coronavirus pandemic – businesses must consider the impact of their internal culture and policies on their ability to acquire and retain top-notch talent in a post-coronavirus world,” said Berger.
 
Berger concluded the editorial by requesting credit unions “take this time to plan, study emerging trends and reflect on how your institution can best emerge from this crisis.”
 
For credit union executives and board members interested in a deeper discussion, NAFCU members are encouraged to register for the association’s State of the Industry complimentary virtual event happening tomorrow. 
 
View the full agenda for the event – underwritten by Mastercard – and register now.
 
You can also read Berger’s full Credit Union Times op-ed here.