Collaboration has seemingly become the new name of the game in the credit union landscape. Increasingly, CUs and other players in the space are coming together to keep members happy and well-served.
In the pages of the latest Credit Union Tracker, PYMNTS explores the latest joint efforts and partnerships from around the industry.
Around the Credit Union World
Bipartisanship in politics is rare these days. But recently, lawmakers from opposite sides of the aisle came together on an initiative aimed at helping the credit union market.
Earlier this month, Senate lawmakers advanced the Economic Growth, Regulatory Relief and Consumer Protection Act, which would exempt credit unions and small banks from regulations implemented under the Dodd-Frank Act, to a vote on the chamber floor. The bill is expected to pass, thanks in large part to support from the Credit Union National Association and from both sides of the political aisle.
Lawmakers aren’t the only ones coming together. CU-focused blockchain solutions developer CULedger joined forces with software solutions provider Evernym to launch the MyCUID solution. MyCUID uses a person-to-person (P2P) network of distributed private agents to help CU members create portable digital identities that can be used for a lifetime.
Meanwhile, Partners Federal Credit Union recently tapped Kony, Inc. for assistance with its “Digital 2x” initiative. The program aims to accelerate the integration and deployment of digital banking technologies and to improve member experiences.
Further collaborations could be possible if credit unions and community banks can work better together, according to J. Mark McWatters, head of the National Credit Union Administration (NCUA). At NCUA’s recent governmental affairs conference, McWatters called for the different financial institutions to look for opportunities to achieve common goals.
To find more on these stories and other headlines from around the CU space, check out the Tracker’s News and Trends section.
Helping CUs Engage and Retain Millennial Talent
When it comes to careers, millennials are more mission-driven than previous generations. In the war for talent, this gives the credit union market an advantage in encouraging millennial job candidates to pursue careers in the industry.
According to recent analysis from Gallup, just 29 percent of millennials are engaged with their current employers, but more than double that amount said they’re open to new job opportunities. What’s more, roughly one in five millennial employees have changed jobs in the past year.
But credit unions are eager to attract young workers, and retain them, too – which may be the more challenging part. The good news? Payments giant Visa wants to help CUs win the war for millennial talent.
In the latest credit union feature story, Doug Leighton, the company’s head of U.S. community accounts, discussed the company’s partnership with CU think tank Filene Research Institute, and explained the challenges and opportunities that credit unions face in the war for millennial talent.
Leighton told PYMNTS that CUs often have an opportunity to capitalize on two of the most important career factors for millennials: a decreased focus on earning profits and an increased focus on a company’s mission.
“Credit unions fit that bill as a mission-driven organization dedicated to serving their members and their communities,” he said.
To read the full story, download the latest Credit Union Tracker.
About the Tracker
The Credit Union TrackerTM, 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.