Mbanq CUSO has rolled out a Credit Union-as-a-Service (CUaaS) business model “to launch and operate the Credit Union of the future as a comprehensive service,” according to a company announcement Thursday (Sept. 2). CUaaS offers customers a “coordinated package of technology, operations, legal compliance and...
Digital banking grew rapidly in 2020, with the use and adoption of online and mobile banking tools skyrocketing as many consumers and businesses decided to manage their financial lives virtually. A late 2020 survey found that 55% of consumers were visiting bank branches less now...
The pandemic may have dramatically shifted the status quo from branch-based banking toward digital-first alternatives, but plenty of demand for in-person service at credit unions (CUs) remains. Some of the nation’s financial institutions (FIs) have reported that up to 70 percent of deposits have moved...
Pre-pandemic, credit union (CU) members were unlikely to think of their financial institutions (FIs) as digital innovators, prizing them instead for their in-person — specifically in-branch — experience. The physical branch was an important element in building trust and sustaining member loyalty. But it’s all...
Consumers conducted nearly everything from their grocery shopping to making mortgage payments virtually over the past 17 months, and their newfound comfort with digital banking features is not likely to dissipate even as brick-and-mortar branches fully reopen. Individuals are changing the way they interact with...
Numbers, as they say, tell a story. At first glance, it may seem that upstart challenger banks are making inroads against traditional financial players, especially against credit unions (CUs). After all, although 4.2 million individuals joined CUs last year, that tally was eclipsed by the...
Credit union (CU) members often feel a strong affinity for their CUs, but that is not always enough to keep them from using other financial institutions’ (FIs’) financial products. Fifty-five percent of members use credit or financial products offered by FIs other than their primary...
As Chuck Fagan, president and CEO of PSCU, told Karen Webster, credit unions (CUs) are moving beyond the “fast follower” designation and toward real innovation leadership. CUs have to be forward-thinking or risk losing members. In 2019, about 30 percent of credit union executives said that...
Payments credit union service organization (CUSO) PSCU announced Tuesday (Aug. 3) that 4Front Credit Union (4Front) had joined its cooperative for credit and debit card processing services and contact center support. Northern Michigan-based 4Front has assets north of $830 million and more than 92,000 members....
