For all financial institutions — and especially for credit unions — primary accounts are critical for the growth of the business. Primary accounts are the mainstays of banking, as they are the accounts where savings and checking activity are concentrated. The data accompanying the inflows...
President Donald Trump fired two Democratic board members of the National Credit Union Administration (NCUA), leaving the board that traditionally has three members with just one member, Republican Chairman Kyle Hauptmann. Those who were fired are Todd Harper and Tanya Otsuka, Reuters reported Wednesday (April...
Velera has introduced a tiered fraud service model approach that allows credit unions to select a tailored offering that meets their risk mitigation needs. The new Risk Mitigation Service Model is designed to accommodate credit unions’ unique risk tolerances and needs, allow them to keep...
Banks, especially small banks such as credit unions and community banks, risk losing account holders to investing platforms. The checking and savings accounts housed in primary financial institutions (FIs) provide the on-ramps, so to speak, for individuals to take their money and invest it with...
Once perceived as technologically trailing larger financial institutions, credit unions are embracing digital innovation, positioning themselves for growth and engagement with a digitally native consumer base, according to a new report. The “Credit Union Advantage: Seven Trends Driving Future Growth,” a collaboration between PYMNTS Intelligence...
Credit unions (CUs) are proving their competitive strength in the evolving financial landscape, particularly in rural areas and among Gen Z consumers. With a remarkable 71% top-of-wallet conversion rate among small-town and rural small and medium-sized businesses (SMBs), CUs are emerging as serious contenders against...
Among the most strategic initiatives for credit unions, to gain new members and keep current ones loyal, is to innovate. During uncertain times, innovation can take several forms, with new products and services delivered digitally. Serving the member means meeting individuals where they want to...
As is the case with any entity, banks’ relationship with their end customers is only as strong as the trust that exists between the two, and in satisfying the priorities of their members. And right now, credit union members want to be reassured that their...
For credit unions, the move toward becoming “smarter” digital financial service providers entails embracing several strategic and technological shifts. David Durovy, senior vice president of transformation at i2c, told PYMNTS that many financial services firms, credit unions included, have historically relied on basic alerts, member...
