Changing business and market requirements were already pushing financial service providers to pursue digital transformation or digitization, the process of using digital technologies to create or modify products, business processes, and customer experiences. The COVID-19 pandemic has accelerated this process. Interventions to contain the virus’s spread have focused on restricting mobility and non-essential employment, and limiting in-person interactions. For financial cooperatives, these changes have meant that the need to digitize has intensified.
This paper by BFA Global shares insights on why cooperatives must pursue digital transformation and how they can do so effectively.