A transformation is underway within the credit union ecosystem, where innovation in financial products and services is no longer exclusive to the largest or most well-resourced institutions. The PYMNTS Intelligence report “Credit Union Innovation Readiness: The Smallest Step It Up” found that the smallest credit...
Credit union service organization (CUSO) Velera teamed with investment firm Black Dragon Capital. The collaboration will see Velera and Black Dragon work toward “creating and scaling” FinTechs that allow credit unions “to transform their businesses and optimize their member service advantages,” the companies said in...
Credit unions closed 32 locations during the first quarter, the largest drop since 2021. As the publication Credit Union (CU) Times reported Tuesday (June 17), that brings the industry’s branch count to below pre-pandemic numbers. The report, based on an analysis of NCUA data, said...
Credit unions (CUs) face a critical juncture that threatens their long-term viability. Baby boomers dominate CU membership, making up 39% compared to 31% for millennials and Generation Z combined, and the average CU member age stands at 53 — older than the U.S. average of...
Credit union service organization Velera has debuted a new account validation function. This tool, announced Wednesday (June 11), is available across Valera’s online, digital and mobile channels, letting the group’s credit unions process payments across the ACH network in real time. “By enabling real-time account validation, Velera...
Innovation has emerged as a key factor in determining whether credit unions can thrive in a competitive, rapidly evolving financial ecosystem. As expectations from consumers and small to medium-sized businesses (SMBs) shift toward digital convenience and tailored experiences, not-for-profit financial institutions face growing pressure to...
The classic holiday film “It’s a Wonderful Life” is sometimes called “the credit union movie” for its heart-warming depiction of a member-owned financial institution with strong ties to the local town, friendly customer service and no bells or whistles. Even though Bailey Brothers Building &...
Peach State Federal Credit Union, which is headquartered in Georgia and serves more than 70,000 members in Georgia and South Carolina, chose credit union service organization (CUSO) Velera to provide it with debit and credit card processing support. Velera will begin providing the credit union...
Teachers Federal Credit Union, one of the largest U.S. credit unions with more than $9.7 billion in assets and over 460,000 members, is using artificial intelligence (AI) and automation to modernize the way it does business. The credit union has automated processes across 16 business...