Big Moves by Small Credit Unions Reshape Innovation Landscape

Credit Union Innovation Readiness Index: The Smallest Credit Unions Step It Up

Credit unions are innovating like never before—but while the smallest players are racing forward, the largest are starting to ease off the gas. The latest “Credit Union Innovation Readiness Index: The Smallest Step It Up,” a PYMNTS Intelligence and Velera collaboration, explores how institutions of all sizes are rethinking their digital strategies to meet evolving member expectations and stay competitive in a shifting financial landscape.

Inside the May Playbook
  • 83% more credit unions with assets between $500 million and $1 billion began offering real-time payments in the 12 months leading up to November 2024, compared to the year before.
  • 15% of credit unions with less than $500 million in assets are falling behind on innovation, down from 55% one year ago.
  • 57% more credit unions with assets exceeding $5 billion began offering AI-operated chat/customer support in the 12 months leading up to November 2024 than in the prior year.

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