Mobile Navigation

Close Mobile MenuOpen Site Search

The Myth of Outdated Technology in Credit Unions

Main Blog Article Content


Credit unions are often described as using outdated technology and not adapting to modern expectations. However, this couldn’t be further from the truth. Credit unions have steadily been growing their portfolio of services and adopting robust digital banking solutions to keep up with consumer demand. Today, most credit unions can offer the same, if not a better, digital banking experiences than other financial institutions.

A rising tide lifts all boats

Many still believe the myth of outdated technology in credit unions. However, credit unions actually provide members with the same, if not better, digital banking experience as any large bank. Credit unions use the same technology that bigger banks developed. They use technology to speed up online banking services, making banking faster and more convenient.
  • Credit unions use the same technology as large banks. Large banks might have had a head start but many credit unions quickly began using the same technology as bigger banks to provide members with a better banking experience. Today, credit union members have access to banking through cutting edge tech services, such as mobile banking via their smartphone so they can bank from anywhere at any time.
  • Credit unions process banking faster and in real-time. Like bigger banks, credit unions are taking advantage of financial technology (Fintech) to speed up the way products and services are provided to members. For instance, with technology, credit union members can now make a deposit or swiftly apply for a loan in real-time.
  • The Pandemic accelerated the “Digital Transformation”. The pandemic was a wake-up call for smaller credit unions. Credit unions had to go remote and process transactions electronically since many people were forced to stay at home. If credit unions were in the process of modernizing before, the pandemic surely pushed them to catch up with their competitors.
Digital services are more readily available than ever at credit unions 

Credit unions offer many types of financial services and digital banking services are always becoming more readily available. Through technology, credit unions are serving members in larger communities all while providing them with secure banking.
  • Serving larger communities. Credit unions provide a wide array of services. Because mobile banking can be accessed from any location, they can also serve larger communities. This means you'll have access to use mobile banking services by downloading an app or logging on to your online banking. You can make various financial transactions without having to visit a branch. For example, you can transfer funds between accounts, send money to or request money from anyone, make payments or buy something at a store with your phone or device. You can even deposit a check with remote deposit capture services.
  • Providing financial and tech security. When it comes to your finances, credit unions use the latest cybersecurity technology and best practices just like any other large bank. Credit unions provide fraud protection to protect your personal and financial information from fraud and theft. Credit unions partner with cybersecurity service providers and provide members with access to fraud prevention resources and important safety and security tips. You can be at ease knowing that your account is safe and secure.
We offer all the services of big banks with personalized attention

Power Financial Credit Union provides members with all the same products as a big bank but with personalized service. You'll feel at ease knowing you have secure and convenient access 24/7 to your account. You can be sure that the security of your financial and personal information is our top priority.

Almost 35,000 members trust Power Financial Credit Union with their banking and lending needs. If you are interested in joining our family, contact us or visit a branch today. We look forward to serving you in the future.