For traditional financial institutions — particularly for relatively smaller firms, including credit unions — speed will increasingly be a determining factor in keeping retail and commercial clients in place, and in attracting new customers. Innovation, after all, is what brings the formerly brick-and-mortar incumbents further...
Credit unions (CUs) have typically held a different reputation than traditional banks and FinTech companies. Traditional banks enjoy massive resources and an institutional presence, while FinTechs represent a relatively new class of organizations that puts extra emphasis on digital capabilities. CUs — long known for...
Credit unions (CUs) are the underdog in the constant competitive battle among financial institutions (FIs). Established banks can harness far more resources, and digital-native FinTechs have a head start with innovative digital solutions that customers crave. CUs’ traditional advantage over their counterparts — member loyalty...
While decision makers in some industries may aim to keep their companies on the bleeding edge of innovation, those at credit unions are more likely to say they want to be on the leading edge. “I think most credit unions want to be a fast follower,”...
Twenty-three percent of credit union members would be willing to switch financial institutions for access to more innovative products, according to “Credit Union Innovation,” a PYMNTS and PSCU collaboration that surveyed 4,832 U.S. consumers, 101 credit union decision-makers and 51 FinTech executives. Get the report:...
When it comes to the bank versus credit union (CU) debate, it’s clear where the loyalty of younger consumers lies. A PYMNTS survey found younger consumers show a stronger preference for national banks than for CUs. There’s a bright spot here for CUs, however, as...
Innovative digital banking technologies, including peer-to-peer (P2P) payments, mobile wallets and instant cards, offer CUs important avenues for attracting and retaining members, particularly younger consumers. A recent PYMNTS study discovered that nearly one-quarter of credit union (CU) members would consider switching financial institutions (FIs) to...
Mobile deposit features and real-time mortgage funding may satisfy digital-first credit union members, but a slew of back-end systems is required to keep these innovations running smoothly. Amplify Credit Union’s Lisa Larson explains how automated transaction decisioning and robust card processing capabilities can help CUs...
While credit unions (CUs) continue to hold a position of primacy with older consumers, the share of millennials and bridge millennials who count themselves as members is a fraction of those in older demographics. At the same time, the share of Generation Z consumers now...
