PYMNTS MonitorEdge May 2024

Velera Launches Project Management Platform for Credit Unions

Velera

Credit union service organization Velera is rolling out a new onboarding and project management platform.

Formerly known as PSCU/Co-op Solutions, Velera said in a Thursday (June 27) news release that the new platform offers credit unions more transparency and better collaboration and lays a foundation for future generative artificial intelligence integration.

The new Project Management Page is powered by ServiceNow and can be found in Velera’s Service Portal. It is a self-service solution that lets credit unions see project demand and active project requests in real time and in one place. The platform replaces manual processes with a more streamlined way to manage projects, according to the release.

Velera President and CEO Chuck Fagan said in the release that the “offering will transform the marketplace.”

“To date, few companies have been able to successfully implement this type of technology, and we are excited about its ability to provide a significantly enhanced experience for our credit unions,” he added in the release.

Credit unions are increasingly seeking new ways to attract and retain customers. The PYMNTS Intelligence report “How Credit Union Innovation Can Drive Gen Z Engagement” found that 95% of credit unions are focused on growing their Generation Z customer base, as this demographic is projected to increase spending by as much as six times by 2030.

More Gen Z consumers are transitioning into higher-paying jobs, allowing them to spend more on big-ticket purchases. As their incomes grow, credit unions perceive that these consumers will likely need more sophisticated financial products and services.

However, as PYMNTS Intelligence found, Gen Z consumers can be fickle. Forty percent of Gen Z credit union members surveyed said they changed their primary financial institution in the past year, with lack of innovation being a factor. Gen Z members are 2.5 times more likely than baby boomers and seniors to say they would switch financial institutions that failed to innovate.

Velera serves more than 4,000 financial institutions in North America, per the release. It offers payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and point-of-sale networks, shared branching and member support via its contact centers.