Published by: Future Finance
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Key Take Aways
The article highlights the pivotal role of technology adoption for small and medium-sized credit unions (SMEs) to enhance operational efficiency and service delivery amid a competitive landscape.
It emphasises the sector’s critical contribution to financial inclusion, serving approximately 7.1 million vulnerable individuals underserved by traditional banks.
The report underscores key barriers to digital innovation, including perceived skills gaps, trust issues, operational inefficiencies, budget constraints, and risk aversion.
It advocates for technological solutions such as open banking, analytical AI, generative AI, and blockchain, illustrating how they can address specific challenges faced by credit unions.
Open banking can facilitate real-time data sharing, automate loan underwriting, and broaden demographic access through third-party financial marketplaces.
Analytical AI can improve credit asses...
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