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...
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...
It has been almost a year since United States credit unions (CUs) first closed their brick-and-mortar branches to help slow the pandemic’s spread, and there are still no sign that they will soon reopen and operate as they did before the health crisis began. Members’...
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...
May 20, 2020
Brick-and-mortar presence used to give credit unions (CUs) a competitive edge over digital-only challenger banks. PYMNTS research shows that 41.5 percent of CU members believe that being unable to visit branch locations represents one way in which using challenger banks would make their banking experiences worse. This competitive edge has disappeared in recent months, however. […]
April 24, 2020
COVID-19 has closed bank and credit union (CU) branches across the United States, sending the demand for digital banking solutions soaring as consumers hop online to manage their finances...
July 23, 2019
When it comes to loyalty and rewards innovation, credit unions (CUs) and their members don’t always see eye to eye. Loyalty and rewards innovation tops members’ list of innovation priorities,...
June 03, 2019
In the financial services industry, knowledge is power. For credit unions (CUs), data analytics can deliver that insight, helping them to more effectively address their members’ specific needs, and informing...
