Credit Unions

Funding The Next Generation Of Farmers

For credit unions (CUs), offering convenient digital services is more important than ever. Nearly 79 percent of credit union members have said they would leave their CUs for a FinTech to get easy and convenient services. As such, CUs are seeking to step up their technological offerings.

In May, several credit unions merged with each other, combining resources to offer the better products and services that their members crave, while other CUs turned to third-party providers to achieve this instead. The May Credit Union Tracker™ explores the latest mergers and partnerships, as CUs work to improve their digital appeal.

Around the Credit Union World

Massachusetts-based Crescent Credit Union recently turned to a merger to get the size and scale its leadership believed was needed to stay competitive and provide members with sufficient technological services. The CU is teaming with Sharon Credit Union to form Sharon and Crescent United Credit Union, which will hold more than $1 billion in assets and be one of the largest CUs in southeast Massachusetts.

Hughes Federal Credit Union, meanwhile, turned to a third-party provider to boost its digital services. The CU is using a platform solution from MX to provide improved mobile banking capabilities. Hughes VP of Information Technology Rich Griesser said he hopes the platform will lead to doubled member adoption.

New services are also being offered by the Navy Federal Credit Union, which launched a new operating system. The system and related offerings are expected to facilitate customer onboarding, and help the CU move away from paper-based loan applications.

Find these and the rest of the latest headlines in the Tracker.

How Community First Lends to Students

It’s not just adults who need financial services. California students are turning to loans to jump-start their entrepreneurial ambitions.

In this month’s feature story, PYMNTS interviewed California-based Community First Credit Union’s Member Development Specialist Rebecca Nystrom Brito about the CU’s youth agricultural loan program. Nystrom Brito discussed how the credit union has sought to tailor its lending program for elementary, middle and high school students, offering each applicant up to $2,500 to help them raise livestock for county fairs. Plus, she explained how the program instills financial literacy at a young age, while helping the CU win lifelong members.

Find the full story in the Tracker.

Deep Dive: Why CUs Must Focus on User Experience when Implementing Digital Innovations

Offering digital services that provide many features is only half the battle for CUs that want to use technology to recruit and retain more members. CUs must also be sure that all those capabilities are easy and intuitive to use. This month’s Deep Dive explores the significance of customer-friendly design, and ways to develop digital offerings with an eye toward user experience.

Read the Deep Dive in the Tracker.

About the Tracker

The Credit Union Tracker™, powered by PSCU, is the go-to resource for staying up to date on a month-by-month basis on the trends and changes in the credit union industry.

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Latest Insights: 

The Which Apps Do They Want Study analyzes survey data collected from 1,045 American consumers to learn how they use merchant apps to enhance in-store shopping experiences, and their interest in downloading more in the future. Our research covered consumers’ usage of in-app features like loyalty and rewards offerings and in-store navigation, helping to assess how merchants can design apps to distinguish themselves from competitors.

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