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The coronavirus pandemic winds on, and while it seems like it’s been forever, when — and not if — we emerge from all this, consumer spending will be altered. Even grocery spending growth slowed to 25 percent on credit cards and 10 percent for debit cards, which gives a nod to the fact that consumers are likely “fully stocked up.”
Consumers’ migration to using contactless payment methods more often for their speed and convenience was only accelerated during the onset of the pandemic last year. Fagan said CUs have seen deposit balances rise, a sign that consumers have been careful about building savings, reducing debt and compiling barriers against financial shocks.
Creditunions (CUs) and other financial institutions (FIs) across the country have made leaps and bounds in their efforts to digitize services in recent years to meet an already-growing consumer demand. And that’s really how we embarked on our digital transformation.”. Affinity had help with its transformation, too.
Consumers, businesses and financial institutions (FIs) cannot wait to bid adieu to 2020, which has been one of the most trying years in recent memory. Around The CreditUnion Landscape. Creditunions were not immune to the dramatic shift in consumers’ banking preferences when the pandemic began.
CUs are seeing an increased number of phishing emails and overall digital fraud since the pandemic started, with 22 percent of American consumers reporting they have been targeted by virus-related online fraud, according to one survey. Around The CreditUnion World.
To that end, Chief Information Officer Dave Stafford and Chief Information Security Officer David Bryant of PSCU , a creditunionserviceorganization, told PYMTNS that trust and collaboration are key among the efforts to protect consumers. They are likely living life, now more than ever, online. “As
BBVA Compass adds cash-back incentive to stimulate interest in mobilebanking app. Fiserv launches Credit Sense , combining credit monitoring with digital banking. Zopa wins Top Consumer Lending Platform at LendIt awards. Zopa wins Top Consumer Lending Platform at LendIt awards.
In the latest PYMNTS CreditUnion Tracker® done in collaboration with PSCU , we delve into the technology gap that exists among many CUs (less than 5 percent of those in the U.S. currently offer mobilebanking apps, for example) and how it’s effecting institutional survival odds now. Innovate or Die’. And Finally, Fraud.
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