It’s a critical time for credit unions as the risk of members pursuing enticing offers and better terms from competing financial institutions is very real. According to PYMNTS’ August 2021 Credit Union Innovation Playbook: Portfolio Leakage Edition, 55% of members currently use at least one...
Credit unions have a long history of earning top ratings in member satisfaction — with good reason. CUs offer many of the same services and financial tools as traditional banks, but several advantages set them apart from competitors. CU members own a share of the...
Credit union members want it both ways: the convenience of applying for loans online, but also backed-up by the comfort of knowing they can communicate directly with staff if the need arises. Whether by chat, text or email, Community First Credit Union’s James Urban tells...
Credit unions (CUs) have long been known for the personal relationships they build with their members. After the pandemic forced customers to adopt a digital-first mindset, customers still wanted individualized attention, but they wanted it delivered through digital channels, with in-person services and live call...
Mbanq CUSO has rolled out a Credit Union-as-a-Service (CUaaS) business model “to launch and operate the Credit Union of the future as a comprehensive service,” according to a company announcement Thursday (Sept. 2). CUaaS offers customers a “coordinated package of technology, operations, legal compliance and...
Digital banking grew rapidly in 2020, with the use and adoption of online and mobile banking tools skyrocketing as many consumers and businesses decided to manage their financial lives virtually. A late 2020 survey found that 55% of consumers were visiting bank branches less now...
The pandemic may have dramatically shifted the status quo from branch-based banking toward digital-first alternatives, but plenty of demand for in-person service at credit unions (CUs) remains. Some of the nation’s financial institutions (FIs) have reported that up to 70 percent of deposits have moved...
Pre-pandemic, credit union (CU) members were unlikely to think of their financial institutions (FIs) as digital innovators, prizing them instead for their in-person — specifically in-branch — experience. The physical branch was an important element in building trust and sustaining member loyalty. But it’s all...
Consumers conducted nearly everything from their grocery shopping to making mortgage payments virtually over the past 17 months, and their newfound comfort with digital banking features is not likely to dissipate even as brick-and-mortar branches fully reopen. Individuals are changing the way they interact with...
