58% of FIs reported a rise in the cost of fraudulent transactions in 2022, which is why Seth Ruden of First Tech Federal Credit Union says “targeted friction” is essential to fighting fraud without compromising the user experience.
Credit union members are famed for their loyalty. That historic bond is being tested as more CUs take a cautious approach to digital innovation due to prevailing macroeconomic headwinds. PSCU President and CEO Chuck Fagan, NAFCU CEO Dan Berger and Suncoast Credit Union SVP of...
With the world existing more online than ever, fraud attacks targeting financial institutions (FIs) are a growing threat. Criminals are increasingly succeeding in exploiting the vulnerabilities in FIs’ systems, with approximately 59% of FIs experiencing an increase in their overall fraud rates in 2022, according...
Nine credit unions have partnered with Prizeout to offer their members value-added gift cards. With access to the Prizeout program, the credit unions’ members will receive, on average, a 12% bonus when they purchase gift cards, according to a Tuesday (Feb. 21) press release. “We...
For credit unions, short-changing innovation will have long-term, negative consequences. PSCU CEO Chuck Fagan told Karen Webster that in order to keep members loyal, CUs are going to have to shed their status as tech “laggers.” For the last few years, CUs have tended to...
If there’s one universal certainty right now, it’s that everyone’s examining the household budget. As Yvonne Stelpflug, senior vice president of Advisors Plus consulting at PSCU, told PYMNTS, it’s no surprise that the economy and persistently high inflation “really is top of mind for all...
Speed, convenience and ease of use are driving interest in a growing variety of payment options and digital technologies. Consumers have become accustomed to seamless digital solutions while shopping, banking and conducting their daily affairs, and innovations that can provide or improve on these experiences...
Just as Steve Jobs famously didn’t wait for customers to tell Apple what products they wanted, Sumeet Grover, chief digital officer at Alliant Credit Union, tells PYMNTS that a similar product development mindset is happening in his business, where CUs are using data to build...
At a time of economic uncertainty — with high inflation rates and 74% of consumers concerned about their personal finances — consumers increasingly want payments choice and flexibility. In PSCU’s “Eye on Payments” survey, 61% of consumers reported using a greater variety of payment methods...
