Credit Unions

Keeping On-Campus Credit Unions Competitive

Cybersecurity is more important than ever for credit unions (CUs), but keeping up with compliance and the latest best practices can be a challenge. Smaller CUs don’t always have the resources to easily handle all their security needs on their own. Meanwhile, the customer-is-always-right philosophies can make staff too accommodating — to the extent of possibly overlooking signs of fraud.

In response, CU associations and service providers are making a push for the adoption of technology that can help do the heavy lifting, while maintaining a tight grip on security. This month’s Credit Union Tracker™ explores these new security initiatives, and other new developments in the space.

Around the Credit Union World

Identifying fraudsters is especially important when CUs are considering new loan applications — an important part of their business.

Rollick Inc., an enterprise lead management solutions provider, is aiming to tackle this in partnership with FinTech CuneXus Solutions by providing an automated lending solution that keeps the process swift while screening applicants, ensuring that loans only go to eligible candidates.

Pentagon Federal Credit Union (PenFed) and Auto Financial Group (AFG) are teaming up on automotive financing. Under the collaboration, PenFed members can receive residual-based financing for vehicles, with AFG managing the vehicle turn-in and value-risk processing.

In another recent partnership, Canadian lending technology developer CU Direct joined with Georgia United Credit Union. The partnership extends CU Direct’s account and loan origination system solution to a wider member base.

To get the rest of the latest headlines, download the Tracker.

Deep Dive: How Credit Unions Can Use Data to Improve Business Lending

Loans are an important offering for any CU seeking to serve small and medium-sized businesses (SMBs). However, CUs’ data strategies can cause obstacles: Many CUs keep their data siloed, which can impede more efficient loan procedures.

This month’s Deep Dive explores how CUs are leveraging new approaches to data — including digital lending platforms — to keep information secure, while streamlining lending processes.

University of Wisconsin Credit Union’s Lessons for Serving College Students

On-campus CUs work to win memberships from the fresh crop of college students who arrive each year. Many of these students are facing new financial responsibilities, and could be starting their first banking experiences and looking to build credit. Persuading college students to sign up with the credit union, rather than choose a traditional financial institution or even stick with a bank from back home, takes careful strategizing.

In this month’s feature story, Eric Bangerter, vice president of eCommerce at University of Wisconsin Credit Union (UW Credit Union), explained how offering tailored financial products, on-site support and automated conveniences can help CUs win college students over.

Find the full feature story 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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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the December 2019 Mobile Card App Adoption Study, PYMNTS surveyed 2,000 U.S. consumers for a reveal of the four most compelling features apps must have to engage users and drive greater adoption.

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