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...
Credit union service organization Velera is sounding the alarm on “consumer-engaged” fraud. The group on Monday (March 3) announced it had released a guide on this type of fraud to help educate the financial services industry. “Consumer-engaged fraud is among the fastest growing and most prevalent industry fraud challenges that...
Not all that long ago, FinTechs competed with banks — especially credit unions and smaller players — for the same set of customers and accounts. And they chased growth at all costs. But a lot has changed in a relatively short period of time. As...
Credit unions have long jockeyed to gain consumer loyalty and top-of-mind status against mega-banks, and more recently, digital-only banks. The competition may seem a bit skewed in favor of the larger, marquee names in financial services. After all, they spend millions of dollars — sometimes...
The largest banks and their smaller brethren — particularly credit unions — are and always have been locked in a pitched battle for customers, for deposits and long-lived relationships. The playing field’s leveling a bit, especially amid the great digital shift, where mobile and digital...
Credit unions (CUs) face a critical question: How can they remain top of mind for current members while attracting new ones, especially when younger consumers expect a high level of digital sophistication? Despite the obstacles, many CUs are rising to the challenge. The report features...
