In the fight to compete against banks and other financial institutions (FIs), credit unions (CUs) and service providers are turning to new technology and data-driven solutions to better support their members.
In the pages of the latest Credit Union Tracker™, PYMNTS explores the latest headlines, news and trends surrounding data developments in the credit union space.
Around the credit union world
Players from the CU space are looking to use more data to serve and protect customers. The National Institute of Standards and Technology (NIST) recently announced it would place higher emphasis on external data sources when considering risk management. The National Association of Federally-Insured Credit Unions (NAFCU) had lobbied for the strengthened security measure, noting that an organization’s maturity level should be risk-based and aligned with cost-benefit analysis.
Elsewhere in the space, Co-Op Financial Services announced it would give its Springboard data platform an upgrade. The newly updated app includes a Shared Branch Management Report offering data insights to help select users make more informed decisions, among other features.
And in Ireland, Kilkenny-based IT service firm Bits.ie collaborated with St. Canice’s Credit Union to develop a data recovery solution, along with other information technology (IT) support functions.
To find more on these stories and other headlines from around the CU space, check out the Tracker’s News and Trends section.
Using data to stay ahead of the curve
Back in the U.S., Maine’s Seaboard Federal Credit Union is also investing in new tools to help it learn more about its members and their needs.
In a recent interview for this month’s Credit Union Tracker feature story, PYMNTS caught up with Kyle Casburn, CEO and president of Seaboard FCU, to discuss how the CU is putting data tools to work and which FinTech innovations could impact credit unions’ operations. Casburn explained how the CU is using data insights to pitch the right products and services to its members. Without these insights, wide-ranging campaigns run the risk of being largely ignored by members.
“Data analytics is driving us to get the right offer, at the right time, to the right member,” Casburn said. “The days of mass media and blanket approach [are] long gone.”
About the Tracker
The Credit Union Tracker™, powered by CO-OP Financial Services, is your go-to resource for staying up to date on a month-by-month basis on the trends and changes in the credit union industry.