Credit unions have long been known for personalized services and high levels of member satisfaction. But new evidence also suggests they’re also uniquely suited to serving businesses’ financial needs, as they can often offer businesses better service and better terms than larger financial institutions. What’s...
Credit Unions that want to be more like FinTechs are now partnering with them to burnish their digital bona fides. In the Credit Union Tracker, First Tech Credit Union’s Mike Upton explains how FinTechs and CUs collaborate on everything from digital wallets to P2P payments.
The digital transformation has made the financial landscape more crowded and competitive than ever before. Credit unions (CUs) face the dual challenge of finding ways to offer the latest digital banking tools to their members while still bringing something extra that differentiates them from neobanks...
Keeping members satisfied will require credit unions (CUs) to step up their commitment to rolling out innovative digital products and services. The issue is growing more urgent, especially as member satisfaction with CUs has dropped from 92% in 2018 to 86% in 2021. PYMNTS’ research...
Card issuer Elan has launched its Across the Country Charitable Giving program, benefiting 50 charities across the United States. The program, announced in a news release Thursday (Feb. 10), randomly selected 50 of Elan’s more than 250 credit union (CU) partners to give back to...
Amplify Credit Union announced Wednesday (Feb. 9) that it is rolling out fee-free banking, so members won’t pay fees on checking, savings and business banking accounts — including account maintenance fees, regardless of balance. The Austin, Texas-based credit union also removed fees for wire transfers...
The old financial services landscape used to be divided between the traditional financial institutions (FIs) and the FinTechs, locked in a battle for customer loyalty and wallet share. The FinTechs? They went all out to poach FIs’ members. The FIs? They were determined to use...
Talk to experts in the credit union (CU) space, and they’ll tell you most CUs are trailing their peers in the banking industry when it comes to innovations. Catching up will mean CUs making substantial digital strides — from technological investments to complete overhauls of...
It is no longer enough for credit unions (CUs) to compete with banks within the regions in which they operate. They must now be ready to go toe to toe with digitally savvy financial institutions (FIs) and FinTechs that can offer services accessible anywhere and...
