Credit unions know they need to be digitally savvy, but having the most user-friendly mobile app is not enough to catch and keep consumer attention. Fifty-six percent of surveyed CU executives said that convenient banking matters, and 46% of surveyed members said it is something...
University of Illinois Community Credit Union’s Kate Rogers says that favorable lending rates on everything from car loans to mortgages and a reputation for helping members attain financial wellness means that CUs are uniquely positioned to shine when the economy is down.
As consumers worry about financial wellness, 66% expect no improvement, and 29% expect their finances will worsen. Credit unions can stand out to existing and potential members with better rates than competitors on credit products and high-yield savings accounts. At the same time, CU members...
Credit unions (CUs) may find attracting and retaining members challenging if they lag behind major banks and FinTechs in providing enhanced payment capabilities, such as real-time payment solutions. Our research found that real-time payments are an area of weakness for both account holders and executives....
Credit unions are regulated by a number of federal agencies, including the National Credit Union Administration (NCUA), the Federal Reserve, the Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC), as well as a host of state agencies. The NCUA regulates, charters...
Credit unions go on the offensive on the heels of the recent Silicon Valley Bank collapse as they brace for likely regulatory changes, says California Coast Credit Union’s Todd Lane.
As credit unions (CUs) seek ways to stay competitive in an increasingly diverse, crowded and complex financial sector, it’s creating some fascinating new possibilities for the organizations that service CUs — the credit union service organizations (CUSOs). In the latest permutation of this concept, AdTech...
The suddenness of the Silicon Valley Bank collapse shocked the venture capital and technology communities. When the bank’s massive investment losses caused a significant swath of depositors to withdraw their money, regulators quickly shut down the bank to protect its customers. The bank’s fall now...
While the European Union (EU) is embracing crypto, credit union (CU) executives largely aren’t. This, as data in the April 2023 PYMNTS report, “Credit Union Innovation: Bridging the Cryptocurrency Divide,” a collaboration with PSCU, finds that more than half of credit union leaders (56%) say...
