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CU members stand to benefit greatly from such solutions, as the study reported that 51 percent them of them have had their identities stolen and 68 percent have been targeted by debit or credit card fraud. Some organizations are keeping members secure by partnering to provide the latest cutting-edge solutions.
One widespread example of open banking is directdeposits from a company’s bank account to an employee’s checking account, a service that was once only the domain of large banks but is now available at nearly every financial institution (FI) in the world.
CUs must focus on seamless onboarding processes, enabling customers to quickly access banking services. It’s also important for CUs to focus on setting up directdeposits and providing debit cards early on in a consumer’s membership.
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