If you can’t beat ‘em, join ‘em. Many financial technology firms have historically sought to compete with credit unions by offering their own financial services and credit products to lure credit union members into their fold. That’s no longer a hard and fast approach. The...
Vermont-based 802 Credit Union (802CU) has selected credit union service organization (CUSO) Velera to provide debit and credit card processing support. Velera will begin providing debit card processing support to the credit union in September and credit card processing services in March 2026, the companies...
The last decade has seen a dizzying acceleration in digital banking innovation. From slick mobile-first challenger banks to the sprawling networks of national giants, competition for consumer attention (and wallet share) has never been fiercer. Yet, while headlines tend to focus on FinTech unicorns and...
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...