The digital transformation of credit unions has become an urgent matter as it becomes an important pillar to fulfill ongoing member needs and maintain organizational competitiveness. However, digital transformation influences credit union activities and may have some potential consequences for their performance and, most importantly, the well-being of credit union members, both in a positive and negative direction. The effectiveness of the digital transformation of credit unions depends on how members of the credit union respond to the digitized elements and how credit unions provide an environment to recognize, learn, and grow with digitalization. Applying the capability approach promoted by Amartya Sen, this paper is oriented to provide an alternative conceptual framework to understand how digitalization as a means could be translated into well-being in the context of credit union operation. This research will contribute to the development of the effective and sustainable model of digital transformation in the context of credit unions.