Neches Credit Union Picks PSCU For Credit Card Support

Neches Federal Credit Union has picked PSCU for credit card processing services and support.

PSCU, a credit union service organization, announced the partnership in a news release provided to PYMNTS Tuesday (Aug. 22).

“After a rigorous evaluation and extensive research process, Neches FCU identified PSCU as the ideal partner to enhance its credit card program and ensure the best interest of its valued members,” the release said. 

“Neches FCU prioritized several key factors, including cost effectiveness, member satisfaction, integration capabilities, security and fraud prevention measures. The credit union also valued flexibility and customization options with a track record of excellence,” the release added. 

Based in Southeast Texas, the 71-year-old Neches holds more than $894 million in assets, the release said.

PSCU will begin providing credit processing services and support to more than 77,000 Neches members starting next October.

“It is clear Neches FCU has the ‘people helping people’ credit union philosophy at the forefront of all its decisions, and we are honored that they saw the same commitment and alignment from PSCU,” said PSCU Chief Revenue Officer and EVP Scott Wagner. 

PYMNTS spoke with PSCU Chief Growth Officer Brian Scott about the financial challenges younger generations face that their older peers managed to escape.

“They just have not had the same amount of time to create a savings ‘pool’ or even to create good financial habits, so they struggle more than other groups during a challenging economic situation,” he said.

Credit unions (CUs) are well-equipped to help these younger consumers improve their financial health, Scott added.

“Creating programs that are specifically designed for financial education for younger consumers is one area that I think credit unions can really excel at and should be excelling at in this case,” he told PYMNTS.

However, to get there, CUs need to make sure they meet Generation Z and millennial consumers across all the channels they favor — particularly digital channels. The CUs that get it right and provide tailored, personalized financial wellness programs for those digitally savvy consumers will be rewarded with loyalty, he said.

Meanwhile, PYMNTS collaborated with PSCU on research that found that financial institutions (FIs) can persuade consumers to leave their primary FIs by offering credit products with favorable conditions, something 29% of consumers said that they would be very or extremely likely to do. 

“While most FIs face comparable constraints on interest rates, they can compete for business by offering different services and terms, including lower fees and commissions, longer loan terms, larger credit limits and faster credit approval,” PYMNTS wrote last week.