The pandemic-related downturn is threatening microbusinesses’ very survival, with many turning to credit unions to seek assistance, says Andrea Mosher, senior vice president of lending at Lake Trust Credit Union. In the latest Credit Union Tracker, Mosher explains how remote check capture and digital payroll...
The United States is home to more than 30 million microbusinesses, and these firms play a critical role in shaping the nation’s economy. These businesses have been hit especially hard by the pandemic-driven economic downturn, however, which has led many to seek federal assistance through their...
“Digital first” isn’t a buzzword in financial services any more — it’s reality. Digital accelerated to the forefront amid the COVID-19 pandemic, but it’s become clear as governments lift stay-at-home orders that it’s now many consumers’ preferred way of getting things done. Tom Gandre, chief operating...
Credit unions (CUs) have competed with banks that offer similar products for years, but their strength has long remained in the value of member relationships and ownership in the CU. New players in the financial services landscape are shaking that foundation with competitive digital offerings,...
Credit unions have long prided themselves on offering better in-person service, but with lockdowns keeping members from branches, many CUs worry about losing customers to challenger banks with better digital offerings, says Doug Marshall, chief digital and product officer at Washington-based BECU. In the latest...
Consumers’ affinity for online banking solutions, especially mobile banking, is far from new. The COVID-19 pandemic is highlighting how necessary these solutions are for consumers’ banking needs, however, and how high their standards for these channels have become. This represents a challenge for the banking...
The cellphone is an invention; the smartphone is an innovation. That gap between creating something and putting it to ingenious use is where innovation does its magic. PYMNTS’ July 2020 Credit Union Innovation Playbook, done in collaboration with PSCU, surveyed 100 credit union (CU) executives...
Credit union (CU) members tend to be more loyal than their counterparts at big banks, and customer relationships play a more central role for CUs in attracting and maintaining a customer base. But historically, CUs haven’t invested as much as big banks in developing loyalty...
Many consumers in the United States were confident in their financial stability at the end of 2019, but this came to an abrupt halt by the end of 2020’s first quarter when COVID-19 was declared a pandemic. Businesses closed and millions of consumers found themselves...
