To say the financial industry has shifted since the beginning of 2020 is quite an understatement. Banks and credit unions have had to shift into high gear to quickly transition to digital banking – and you'd be hard-pressed to find someone in the industry who hasn't felt this change in some shape or form.

But, is this shift as unprecedented as it seems? This pandemic rapidly forced banks and credit unions to adapt, but let's not forget about another event in recent history that forced industry change: the 2008 recession. How does the fallout of COVID-19 compare to the consequences of this other big crisis the financial industry recently faced?

In this article, we explore:

• The acceleration of the digital transformation during COVID-19
• The staying power of the digital trend
• How a popped housing bubble spurred change in 2008
• How regulation forced change after the recession
• Different consequences: 2008 recession vs. COVID-19 pandemic