8 highlights from Card Forum 2019
Payments Source
MAY 29, 2019
Top executives from banks, card brands, credit unions, fintechs and more weighed in on the major issues and innovations for the payments industry.
WSECU Invests in AKUVO to Modernize Collections and Credit Risk Management
Finovate
APRIL 7, 2025
AKUVO secured a new investment from Washington State Employees Credit Union (WSECU), adding to its $13 million in previously raised funds. The investment will help AKUVO expand its cloud-native collections and credit risk solutions, enhancing efficiency and customer experience for banks, credit unions, and fintechs.
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How One Nevada Credit Union Secures Its Self-Service Innovations
PYMNTS
FEBRUARY 26, 2020
Credit unions (CUs) are performing well as the new decade dawns, with a recent study finding that CUs increased their loan originations by 29 percent from Q4 2018 to Q4 2019. percent in 2019, compared to 10.5 Developments From Around The World Of Credit Unions. percent in 2016. million CU members.
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Teachers Credit Union On Using Technology To Drive A Personalized Member Service Approach
PYMNTS
NOVEMBER 20, 2020
Credit unions (CUs) have witnessed plenty of positive developments in recent years. The space has experienced robust expansion, with one report noting that more than 17 million consumers around the globe joined CUs in 2019.
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Where Credit Unions Invest To Get The Best ROI
PYMNTS
JULY 29, 2019
Credit unions (CUs) rely on their members’ loyalty to compete in a saturated financial services market. The new Credit Union Tracker highlights the latest solutions to emerge from these partnerships and how CUs are finding innovative ways to engage with their members, collect data insights and improve services.
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When Consumers Are Remote, Banks And Credit Unions Come To Them
PYMNTS
APRIL 29, 2020
saw more than 1,500 bank branches close between February 2019 and February 2020, which likely reflected declining consumer demand for in-person services. Traditional banks and credit unions must find ways to introduce seamless digital services, while digital-only operations must prove to a new crop of consumers that they are trustworthy.
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Deep Dive: How Credit Unions Juggle Cybersecurity Myths For Cloud Computing
PYMNTS
JANUARY 30, 2020
percent growth and reach a global value of $200 billion by the end of 2019. Cloud computing could bring many benefits, but credit unions must keep cybersecurity top of mind when integrating with it. Credit unions cannot simply store their data in private clouds because their members need access.
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PSCU Credit Unions See Boost In Sales During Prime Day
PYMNTS
JULY 25, 2019
A new report from payments credit union service organization PSCU revealed that its owner credit unions saw banner results from the promotional programs offered through PSCU’s Advisors Plus during the two-day shopping event. Amazon wasn’t the only company to see a boost in sales during this year’s Prime Day.
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Credit Unions Find Friendly Ground With FinTech Firms
PYMNTS
JUNE 21, 2019
Consumers’ lives are becoming more digitally focused, which means it’s natural and expected that credit unions (CUs) are feeling the pressure to raise the level of their services across channels. This fact is borne by data in the latest edition of the Credit Union Tracker , a PYMNTS collaboration with PSCU , which found that 59.9
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Innovation Is Key to Credit Union Survival
PYMNTS
MARCH 17, 2020
Credit union (CU) members are known for loyalty to these financial affinity groups, but that loyalty is being tested. The 2020 Credit Union Innovation Index , conducted in partnership with PSCU , found that over 20 percent of members would drop their current CU over lack of innovation. percent between 2018 and 2019.”.
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PayRails Expands Credit Union Collaboration Initiative
PYMNTS
FEBRUARY 25, 2020
Payrailz announced the addition of four new investors to its credit union-sponsored payments CUSO, CU Railz. The new additions were Unify Financial Credit Union, from Torrance, CA, Evansville Teachers Federal Credit Union of Evansville, IN, Pen Air Federal Credit Union of Pensacola, FL and Nusenda Credit Union from Albuquerque, NM.
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Credit Unions Tech Up For Loyalty
PYMNTS
JULY 3, 2020
If there’s one thing credit union (CU) members are known for, it’s their loyalty. PYMNTS’ research indicates that 33 percent of CUs offered loyalty and rewards innovations in 2019, up from 29.4 It’s a rare, fair feature in an impersonal business world. percent in 2018. Easy is the New Loyalty’.
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Credit Unions Find ‘Co-opetition’ Key To Closing The Innovation Gap
PYMNTS
JANUARY 28, 2020
Credit unions (CUs) face stiff competition from banks, FinTech firms and other players in the financial industry, but they have several intrinsic advantages. Around The Credit Union World. The past decade was a period of slow but steady progress for credit unions. trillion in 2019. million in 2019.
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US Bank, BBVA, Paykey grab top 2019 Bank Customer Experience Awards
Payments Dive
SEPTEMBER 25, 2019
Bank, Sampath Bank Sri Lanka and First Commonwealth Federal Credit Union won honors during an awards dinner this week at the seventh annual Bank Customer Experience Summit at the Loews Chicago Hotel.
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Credit Unions Doing Cyber-Battle
PYMNTS
MARCH 2, 2020
Good thing people don’t feel that way about credit unions (CUs). Seems that everybody likes credit unions—including cybercrooks. Seems that everybody likes credit unions—including cybercrooks. million individual and business members in 2019. Quite the opposite, actually. The Trust Factor. CU in Court.
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Credit Unions Unite Behind Digital Banking
PYMNTS
DECEMBER 27, 2019
These and other 19 th -century proto-cooperatives were the forerunners of today’s credit union (CU) community. Though the sector is considered healthy and well-managed, credit unions and the CUSOs (credit union service organizations) that support them with tailored offerings face upheavals in the next couple of years.
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How Credit Unions Drive Member Engagement
PYMNTS
MAY 1, 2019
Credit unions (CUs) are teaming up with other firms to stay competitive in the financial space. based credit unions in operation as of January 2019. 60 percent: Increase in credit union membership in the past 20 years. Data: 5,613: Number of U.S.-based
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PSCU Prevented $277M In Credit Union Fraud Last Year
PYMNTS
FEBRUARY 11, 2020
The credit union service organization (CUSO) said it blocked cybercriminals at several channel intersections, including at the point of sale, at its contact centers and other avenues. In the third quarter of 2019 alone, mass “bot” attacks on financial institutions (FIs) and card accounts rose by 70 percent year on year.
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The Credit Union Loyalty Disconnect
PYMNTS
JULY 23, 2019
When it comes to loyalty and rewards innovation, credit unions (CUs) and their members don’t always see eye to eye. In the Credit Union Innovation Playbook: Loyalty Innovation Edition , in collaboration with PSCU , PYMNTS delves into how developing new loyalty and rewards products can help enhance CUs’ relationships with their members.
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Deep Dive: Credit Unions Work To Keep Members’ Data Private
PYMNTS
FEBRUARY 28, 2020
Credit unions’ emphasis on member relationships is one of the main factors that distinguishes them from large banks and FinTechs. Credit unions possess vast troves of personal information such as credit card data and Social Security numbers that could devastate members if leaked. Data Breaches Within And Without.
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52 Credit Unions Join Forces To Boost Digital Offerings
PYMNTS
MAY 31, 2019
Credit unions (CUs) are combining resources to offer better products and services their members crave, while car manufacturers are increasingly working with retailers to unlock new connected car buying experiences. Data: 115 million: Number of credit union members in the U.S. as of April 2019.
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PSCU CEO On Credit Unions, Innovation And Never Taking Loyalty For Granted
PYMNTS
APRIL 7, 2020
Credit unions (CUs) have long enjoyed high approval ratings and loyalty from their members. But the numbers tell a tale, and recent stats in the March 2020 Credit Union Innovation Index show the need for CUs to step up their efforts to innovate. percent from 2018 to 2019. ”
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56 The Push For Cybersecurity Technology At Credit Unions
PYMNTS
APRIL 4, 2019
Credit union (CU) associations and service providers are pushing for the adoption of technology to help with security and compliance. In retail, Western Union has teamed up with Dollar General to let customers initiate money transfers digitally and pay in person at the merchant’s stores. as of December 2018.
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Why ‘Knowing More Up Front’ Means Knowing Credit Unions’ Digital Future
PYMNTS
DECEMBER 28, 2018
It may come as no surprise to readers that, when asked about what influences the use of one payment method over another, credit union (CU) customers said it comes down to convenience and security. The] opportunity [for] the credit union is to educate its members on the safety and security of the mobile transaction.”.
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What Do Consumers Want From Credit Unions?
PYMNTS
JULY 30, 2019
Credit unions (CUs) have been trying to find the balance between giving customers what they want and improving returns on investment. The new Credit Union Tracker explores how CUs are finding innovative ways to engage with their members, collect data insights and improve services. Data-Based Innovation Implementation.
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The Opportunity for Credit Unions and Regional Banks to Win over Big Bank Customers
FICO
NOVEMBER 20, 2020
According to research from Equifax, the 2008 recession had an unexpected and interesting effect on credit unions. While market volume was down across the board in auto loan and bank card originations: Credit unions increased their market share by about 15% in auto loan origination. Pain points in prescreen marketing.
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Credit Unions’ Digital Future: More Like YouTube, Less Like Online Banking
PYMNTS
MAY 23, 2019
Digital banking is not the main element that drives consumers toward using a credit union. According to the Credit Union Innovation Playbook , a PYMNTS and PSCU collaboration, trust is the driving factor in that choice. They aren’t just grabbing credit union market share, he added, but they are taking it broadly.
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Ascend Federal Credit Union On Protecting The Benefits Of ITMs
PYMNTS
AUGUST 24, 2020
One FI deploying ITMs on a wide scale is Tennessee-based Ascend Federal Credit Union , which first began this initiative in 2014. Its 200,000 members have been enjoying a range of improved services ever since, according to the credit union’s (CU’s) senior vice president of administration, Jason Powers.
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61 PSCU, FICO Partner To Bring Fraud Alert Tool To Credit Unions
PYMNTS
OCTOBER 28, 2020
PSCU , the credit union service organization (CUSO), is teaming up with FICO Customer Communications Services (CCS) to develop a fraud alert tool for credit unions (CUs), PSCU said in a statement on Wednesday (Oct. Today’s consumers expect things at the speed of now, and credit union members are no exception.
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Old School, New School: TCU Pairs AI And Outreach To Personalize Members’ Experiences
PYMNTS
NOVEMBER 19, 2020
Credit unions (CUs) have been riding high in recent years, with one October report finding that global CU membership hit an all-time high of 291 million last year. The space has added 107 million members over the past decade, with 17 million joining just in 2019. Around the Credit Union World. About the Tracker.
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Credit Unions Innovate, But Stay Competitive With Credit Cards
PYMNTS
JUNE 20, 2019
Tried-and-true credit unions (CUs) have managed to keep pace with commercial banks, FinTechs and other financial institutions. According to the new Credit Union Tracker , as of March 2019 there were an estimated 5,572 CUs in operation and in the same month 324,000 consumers joined CUs. In the study, 91.7
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40 CO-OP Boosts Fraud Security To Credit Unions
PYMNTS
MAY 9, 2018
CO-OP Financial Services said Tuesday (May 9) that it is releasing fraud-fighting tools for its client credit unions, a move that would beef up the role of artificial intelligence in helping those financial institutions become more secure.
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How Credit Unions Can Grab The Holidays’ Top-Of-Wallet
PYMNTS
NOVEMBER 13, 2019
In 2018, American consumers spent a combined $998 billion, and forecasts for 2019 predict a 3.8 Credit unions (CUs) nationwide are no exception, according to Matt Kardell, chief revenue officer at CO-OP Financial Services. percent increase to $1.008 trillion, which would be the first 13-digit holiday season in U.S.
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Tackling the Fintech Threat: A Guide for Banks and Credit Unions
FICO
AUGUST 19, 2022
Tackling the Fintech Threat: A Guide for Banks and Credit Unions. Thu, 12/19/2019 - 16:29. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. billion in overdraft and non-sufficient funds (NSF) fees in 2019.
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New Report: Why FIs Are Taking A Behind-The-Scenes Approach To Fighting Fraud
PYMNTS
JULY 9, 2020
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. percent of all fraud reported in 2019. Read the full story in the Playbook.
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Most FIs Don’t Consider FinTech Firms As Competitors, But Maybe They Should
PYMNTS
APRIL 29, 2019
Power 2019 U.S. In partnership with i2c , PYMNTS produced the March 2019 Innovation Readiness Index to assess the state of innovation in the financial industry. percent) were far likelier to claim IT infrastructure as a hindrance than credit unions (CUs) at 35.1 For example, in the newly released J.D. However, just 6.5
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Uptiq.AI Acquires Data Integration Company UpSwot
Finovate
DECEMBER 3, 2024
expects the purchase will help it deliver more applications tailored to serve a range of financial services, including wealth management firms, banks, credit unions, fintechs, and non-bank organizations. UpSwot was founded in 2019 to bring banks actionable insights derived from their commercial clients’ data.
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59 2019 Non-Prime Automotive Finance Survey: Top 7 Highlights
FICO
AUGUST 7, 2019
That’s the key question the 2019 Non-Prime Automotive Finance Survey sought to answer. The 2019 report represents 34 financing sources and $20.4 The market contraction is over, and the non-prime market is expanding across all finance sources—banks, captives, credit unions, and independents. Originations Accelerated.
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Q4 Earnings Reports Show Mobile Banking’s Surge
PYMNTS
JANUARY 21, 2021
Citibank can now open accounts online in 50 countries and in the year 2020 it opened 14 million accounts digitally — a 200 percent increase over 2019. As PYMNTS coverage has shown , credit unions have also been showing the fruits of their digitally-focused labors. million in July. million in July.
Three Metrics CUs Can Use To Retain Members
PYMNTS
APRIL 30, 2019
Credit unions (CUs) are a popular alternative to traditional banks, with 5,613 CUs in operation as of January 2019, and 195,000 new memberships added in January alone. Developments from Around the Credit Union World. For more on these and other credit union news items, download this month’s Tracker.
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Deep Dive: How Banks Use Digital Technologies To Outlast The Coronavirus
PYMNTS
APRIL 24, 2020
Idaho Credit Union is among the FIs that are implementing newer technologies like video banking , while others turn to traditional digital methods like emailed queries and educational tools on their websites to ease consumers’ stresses. British FI Nationwide U.K. Fifth Third Bank, KeyBank and PNC Bank are among those in the U.S.
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New Report: 100 CU Execs On The Impact Of The Pandemic On Their Payments Innovation Agenda
PYMNTS
JULY 23, 2020
Many consumers in the United States were confident in their financial stability at the end of 2019, but this came to an abrupt halt by the end of 2020’s first quarter when COVID-19 was declared a pandemic. Businesses closed and millions of consumers found themselves unemployed or lacking the financial stability they once enjoyed.
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PSCU: Owner CUs Saw Rising Debit, Credit Sales Volumes Over The Holidays
PYMNTS
JANUARY 14, 2021
Payments credit union service organization (CUSO) PSCU reported 11.4 percent year-over-year debit and credit overall same-store sales volume growth among its owner credit unions over the 2020 holiday season, according to a press release emailed to PYMNTS. percent for credit, coming out far above the 3.6
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Celebrating African-American Voices and Fintech Innovation on the Finovate Stage
Finovate
FEBRUARY 6, 2024
The company, which returned to the Finovate stage in 2022 and 2023 for FinovateFall, helps community banks and credit unions access modern banking technology. This week, the company announced a new partner – Oregon State Credit Union – that will deploy Bankjoy’s online account opening and loan application.
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