They’re generations apart, but can older credit unions (CUs) and newer FinTechs get along? Based on recent activity, it would appear so. Older CUs from all corners of the space are increasingly turning to newer, more disruptive FinTech partners to increase their member pools and thrive in an evolving market.
The latest PYMNTS Credit Union Tracker™, powered by CO-OP Financial Services, features news on new mergers and partnerships alike, along with the rest of the headlines from the CU space.
Around the Credit Union world
CUs have been teaming up with other financial institutions and service providers to bolster membership rosters and services. And, over the course of the past month, several looked to do just that.
Allegacy Federal Credit Union and the University of North Carolina at Greensboro, for example, recently announced the extension of their partnership along with the debut of a new wellness program. The pair will work to boost wellness center and credit union usage by incentivizing members to be more physically active, giving perks to customers who visit the new center.
Meanwhile, two credit unions in Hawaii are becoming one. According to a news release, the University of Hawaii Federal Credit Union (UHFCU) recently announced it would expand its reach by merging with Honolulu-based Leahi Federal Credit Union. And, similarly, Dubuque, Iowa-based IntegrUS Credit Union will merge with Moline, Illinois’ Vibrant Credit Union beginning in October, with the process expected to see completion next year.
Find the rest of the recent notable CU headlines inside the Tracker’s News and Trends section.
Credit unions seeking longevity through FinTech disruption
Just like their members need a healthy diet and the right exercise to lead long, thriving lives, credit unions need to find the right formula to stay in business and help members maintain financial health.
Boeing Employees Credit Union (BECU) knows about longevity, having first opened for business in 1935, but lately, it’s taking cues from new players in the space. In an interview, Doug Marshall, senior vice president of retail for BECU, recently told PYMNTS that for the venerable FI, the formula includes collaborating with disruptors in the FI market, including new FinTech companies.
“FinTech is a wonderful threat and opportunity,” Marshall said. “We love it because it’s making us think broader and having us get bigger and better.”
To read the story, check out the September edition of the Credit Union Tracker™.
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About the Tracker
The PYMNTS Credit Union Tracker™, powered by CO-OP Financial Services, serves as a bimonthly resource for staying up-to-date on the most significant trends and developments across the credit union market.