Saddled with technology debt from legacy systems, credit unions have been challenged to keep pace with fast-changing retail banking digital innovation, says Ent Credit Union’s Tanan Miles, who also explains why the need for A/B testing and agile alternatives has never been more important.
Credit unions (CUs) in the United States have proven resilient throughout the pandemic, continuing to modestly expand their membership base and enjoy strong popularity. Industry research shows that 24% of U.S. consumers choose CUs as their main financial institution (FI), more than community banks or...
Despite their sterling reputation for member experience and personal service, credit unions (CUs) are up against stiff competition from all corners in the digital shift, and they need to keep up. We see this in the study “Credit Union Innovation: Product Innovation As The Key...
By and large, credit unions (CUs) are weathering the pandemic well, but nimble FinTechs and resourceful big banks want those loyal CU members as their own, making digital investment and service offerings a hot priority for CUs as the world moves toward an endemic economy....
As stimulus checks and tax breaks were sent out to individuals and families throughout the pandemic, consumers banked the payments. And that swelled deposits at credit unions. Denise Stevens, SVP, chief product and digital officer for PSCU, told PYMNTS CEO Karen Webster that, increasingly, CUs...
With the mainstreaming of digital products, credit unions (CUs) are under increasing pressure to launch new services in hopes of retaining members. Research by PYMNTS and PSCU finds that non-CU members are nearly twice as likely to report ease of use with their online banking...
Credit unions (CUs) have long branded themselves as having a people-oriented mission that has gained them a high place in consumers’ regard, with CUs traditionally enjoying higher satisfaction rates than other financial institutions (FIs). For the third year in a row, however, CUs have lagged...
In-person branch transactions have dropped in recent years, meaning that credit unions that do not innovate have fewer opportunities to take advantage of their longest-held strength: personalized service. In the "Credit Union Tracker," TruMark Financial Credit Union’s Elizabeth Kaspern explains how the CU uses voice-of-the-member...
FIs use smart automation to improve member experiences behind the scenes, creating more secure and efficient processes while lowering friction. In the "Digital-First Banking Tracker," Veridian Credit Union’s Brett Engstrom talks about cumulative gains from cutting seconds off transactions, algorithms that learn better ways to...
