Once perceived as technologically trailing larger financial institutions, credit unions are embracing digital innovation, positioning themselves for growth and engagement with a digitally native consumer base, according to a new report. The “Credit Union Advantage: Seven Trends Driving Future Growth,” a collaboration between PYMNTS Intelligence...
Credit unions (CUs) are proving their competitive strength in the evolving financial landscape, particularly in rural areas and among Gen Z consumers. With a remarkable 71% top-of-wallet conversion rate among small-town and rural small and medium-sized businesses (SMBs), CUs are emerging as serious contenders against...
Among the most strategic initiatives for credit unions, to gain new members and keep current ones loyal, is to innovate. During uncertain times, innovation can take several forms, with new products and services delivered digitally. Serving the member means meeting individuals where they want to...
As is the case with any entity, banks’ relationship with their end customers is only as strong as the trust that exists between the two, and in satisfying the priorities of their members. And right now, credit union members want to be reassured that their...
For credit unions, the move toward becoming “smarter” digital financial service providers entails embracing several strategic and technological shifts. David Durovy, senior vice president of transformation at i2c, told PYMNTS that many financial services firms, credit unions included, have historically relied on basic alerts, member...
Credit unions can grow with new members, and assets swell from the millions to the billions of dollars, but when it comes to technology and mobile banking, what got you “here” won’t get you “there.” The personalized experience that’s the hallmark of these smaller financial...
Innovation is top of mind for consumers — nearly half of them say they would entertain the idea of switching their allegiance to a financial institution (FI) that serves up the digital-first products and services designed to make day-to-day financial management easier. PYMNTS Intelligence and...
When it comes to designing the digital journeys that link banks with members, the old approach that “if you build it, they will come” holds no water. Smaller banks, especially credit unions, are resource-constrained and have finite capital and staffing — and especially time —...
Credit unions (CUs) have long prided themselves on being the “people’s bank” — local, personal and rooted in trust. But guess what? That makes them an even bigger target for fraudsters looking for an easy payday. The latest PYMNTS Intelligence findings show that as fraud...
