Pandemic highlights need to create trustworthy digital connections with members.
When social distancing guidelines went into effect across the United States, credit unions responded by closing or limiting access to lobbies and reducing the number of employees working in branches.
As a result, many credit unions became digital-first entities almost overnight—encouraging members to use virtual channels to access their accounts and services. In this environment, the concept of digital trust has come to the forefront for many credit unions.
President and CEO of CULedger, John Ainsworth, joins the CUNA News Podcast to discuss building digital trust with members, implementing enhanced security features like decentralized identities, and anticipating how these technologies will continue to evolve.
Ainsworth explains how joining CULedger’s Digital Trust Registry™ and getting familiar with updated guidance from the FFIEC (Federal Financial Institutions Examination Council) are good first steps for credit unions to start building secure, trusted digital relationships with members.
Listen to learn about:
- How technologies evolve in the wake of the pandemic,
- What digital trust is and why it is important,
- How to build digital trust with members,
- The new digital trust standards and how they benefit credit unions,
- The first steps toward building digital trust.
Click here to learn more about the Digital Trust Registry™ and how you can get started in 3 easy steps!
In this episode:
1:31: Adapting digitally to coronavirus (COVID-19)
2:36: News ways of working and security concerns
4:04: Protecting members in the new environment
4:50: Digital trust and why it’s important
6:03: Building digital trust with members
6:52: How decentralized identities work
8:13: Decentralized identities in practice
9:42: Implementing enhanced security features
11:22: Digital trust standards
12:44: How the standards benefit credit unions
15:21: Technologies evolve in the wake of the pandemic
18:52: First steps for building digital trust