November 2, 2021
Credit Unions Must Go Big on Digital, Scale up to Thrive
- Credit unions face urgent challenges in the digital revolution, including the need for large new investments in technology and room to expand, according to a new report from the C.D. Howe Institute. With the digital revolution underway, most credit unions outside of Quebec are falling behind when it comes to making the significant investments required for the next decade, states the report.
- Author David O’Neill Losier argues that with other Canadian financial institutions investing billions of dollars in digital transformation, credit unions must play catch-up if they are to continue to be important competitors in the sector.
- Outside of Quebec, credit unions run their own operations on a myriad of different banking systems; serve their members through a wide range of partnerships, relationships and affiliates; and have their own by-laws, regulations, policies and guidelines that have been influenced by different provincial regulators.