When it comes to digital engagement, there\u2019s a lot at stake for credit unions. As detailed in \u201cHow Credit Union Innovation Can Drive Gen Z Engagement,\u201d a PYMNTS Intelligence report created in collaboration with\u00a0Velera\u00a0(formerly PSCU/Co-op Solutions), a growing percentage of Gen Z consumers are transitioning into higher-paying jobs and more rewarding career paths, meaning they will likely soon be spending more on big-ticket purchases, including automobiles and homes.
\nTo reach them, a personal touch will be essential. Credit unions (CUs) have the advantage of personalization \u2014 and a receptive audience \u2014 to deepen their digital relationships with a broad range of members, Jeremiah Lotz, senior vice president, product and data experience at Velera, told PYMNTS.
\nThe conversation took place as part of the continuing \u201cWhat\u2019s Next in Payments\u201d series focused on how companies have been reinventing their digital efforts to connect with consumers.
\nWhen it comes to the digital engagement credit unions have with their end users, he said, it\u2019s not just about how often they\u2019re logging on, but how members are interacting with those CUs, and how effective the financial institution is in serving the needs of those digitally-minded consumers.
\n\u201cOne of the biggest measurements we look at is: Was a consumer able to complete something that they expected, and then how did they feel about that experience as they went through that process?\u201d he said.
\nWith analysis and digital insight that extends well beyond simply keeping tabs on logins and clicks of digital buttons, a holistic view begins to emerge as to how successful the credit union\u2019s outreach has been \u2014 and how things can be improved.
\nIf the credit unions are able to serve the needs of their various markets quickly and intuitively, said Lotz, \u201cthat\u2019s how you\u2019re going to capture the long-term digital users.\u201d
\nThere\u2019s no one-size-fits-all approach to digital engagement, he said. The right digital experience means different things to different demographics, said Lotz, but there\u2019s growth across the board in all age groups.
\nThe conventional wisdom might hold that younger generations may be naturally more digitally-savvy than older cohorts. The fact is, though, that even older credit union members, boomers among them, have found value in taking more of their daily financial lives online, having been primed by ordering food and groceries through various apps and platforms to get things done with digital devices.
\nIn short, he said, \u201call generations have had higher demand, and higher expectations, of digital capabilities\u201d from their financial institutions. \u201cEvery generation is asking for new functions and new features, and even providing information through the digital channels that maybe we didn\u2019t expect a few years ago when it comes to applying for credit cards and loans, for example.\u201d
\nThe stage is set, then, for credit unions to capitalize on the advantages they already have with their members \u2014 and those advantages lie with personalization and collaboration. With the credit union service organization (CUSO) model in place, through Velera, data sharing and a wholesale embrace of technology through a central point of contact can help all CUs, Lotz said.
\n\u201cBy leveraging that consortium data and information across the credit union \u2014 we provide a best-in-class experience regardless of the FI [financial institution] they are with,\u201d he said. In the meantime, CUs can make decisions more quickly and can even streamline the credit approval process. Artificial intelligence (AI) is being leveraged to help CUs offer even more intuitive and advanced decision-making and innovations extended to their end users. The same transaction level and account-level data that\u2019s shared throughout the organization can be used to personalize experiences so that CUs can anticipate the next product or service that can be extended to the individual for consideration. A reminder that the member\u2019s car payment or mortgage payment is due can \u2014 based on the individual\u2019s background and data \u2014 help educate them that an extra $100 paydown on the loan can help save on interest and other fees down the line.
\nIt\u2019s a proactive approach rather than a reactive one, said Lotz \u2014 one that results in the member logging on not just to get basic banking done, but to ask, as Lotz put it, \u201cWhat is my FI going to tell me today \u2014 and what is it going to direct me to in order to make my financial situation better?\u201d
\nThe post The Key to Capturing Gen Z: Credit Unions Embrace Digital Personalization appeared first on PYMNTS.com.
\n", "content_text": "When it comes to digital engagement, there\u2019s a lot at stake for credit unions. As detailed in \u201cHow Credit Union Innovation Can Drive Gen Z Engagement,\u201d a PYMNTS Intelligence report created in collaboration with\u00a0Velera\u00a0(formerly PSCU/Co-op Solutions), a growing percentage of Gen Z consumers are transitioning into higher-paying jobs and more rewarding career paths, meaning they will likely soon be spending more on big-ticket purchases, including automobiles and homes.\nTo reach them, a personal touch will be essential. Credit unions (CUs) have the advantage of personalization \u2014 and a receptive audience \u2014 to deepen their digital relationships with a broad range of members, Jeremiah Lotz, senior vice president, product and data experience at Velera, told PYMNTS.\nThe conversation took place as part of the continuing \u201cWhat\u2019s Next in Payments\u201d series focused on how companies have been reinventing their digital efforts to connect with consumers.\nWhen it comes to the digital engagement credit unions have with their end users, he said, it\u2019s not just about how often they\u2019re logging on, but how members are interacting with those CUs, and how effective the financial institution is in serving the needs of those digitally-minded consumers.\n\u201cOne of the biggest measurements we look at is: Was a consumer able to complete something that they expected, and then how did they feel about that experience as they went through that process?\u201d he said.\nWith analysis and digital insight that extends well beyond simply keeping tabs on logins and clicks of digital buttons, a holistic view begins to emerge as to how successful the credit union\u2019s outreach has been \u2014 and how things can be improved.\nIf the credit unions are able to serve the needs of their various markets quickly and intuitively, said Lotz, \u201cthat\u2019s how you\u2019re going to capture the long-term digital users.\u201d\nTaking Stock of Different Demographics \nThere\u2019s no one-size-fits-all approach to digital engagement, he said. The right digital experience means different things to different demographics, said Lotz, but there\u2019s growth across the board in all age groups.\nThe conventional wisdom might hold that younger generations may be naturally more digitally-savvy than older cohorts. The fact is, though, that even older credit union members, boomers among them, have found value in taking more of their daily financial lives online, having been primed by ordering food and groceries through various apps and platforms to get things done with digital devices.\nIn short, he said, \u201call generations have had higher demand, and higher expectations, of digital capabilities\u201d from their financial institutions. \u201cEvery generation is asking for new functions and new features, and even providing information through the digital channels that maybe we didn\u2019t expect a few years ago when it comes to applying for credit cards and loans, for example.\u201d\nImproving the Outreach \nThe stage is set, then, for credit unions to capitalize on the advantages they already have with their members \u2014 and those advantages lie with personalization and collaboration. With the credit union service organization (CUSO) model in place, through Velera, data sharing and a wholesale embrace of technology through a central point of contact can help all CUs, Lotz said.\n\u201cBy leveraging that consortium data and information across the credit union \u2014 we provide a best-in-class experience regardless of the FI [financial institution] they are with,\u201d he said. In the meantime, CUs can make decisions more quickly and can even streamline the credit approval process. Artificial intelligence (AI) is being leveraged to help CUs offer even more intuitive and advanced decision-making and innovations extended to their end users. The same transaction level and account-level data that\u2019s shared throughout the organization can be used to personalize experiences so that CUs can anticipate the next product or service that can be extended to the individual for consideration. A reminder that the member\u2019s car payment or mortgage payment is due can \u2014 based on the individual\u2019s background and data \u2014 help educate them that an extra $100 paydown on the loan can help save on interest and other fees down the line.\nIt\u2019s a proactive approach rather than a reactive one, said Lotz \u2014 one that results in the member logging on not just to get basic banking done, but to ask, as Lotz put it, \u201cWhat is my FI going to tell me today \u2014 and what is it going to direct me to in order to make my financial situation better?\u201d\nThe post The Key to Capturing Gen Z: Credit Unions Embrace Digital Personalization appeared first on PYMNTS.com.", "date_published": "2024-09-17T04:01:44-04:00", "date_modified": "2024-09-16T21:29:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Credit-Union-Velera.jpg", "tags": [ "banking", "credit union service organizations", "Credit Unions", "Digital Banking", "digital transformation", "Featured News", "Gen Z", "Generation Z", "Jeremiah Lotz", "News", "personalization", "PYMNTS News", "pymnts tv", "Velera", "video", "WhatsNextInPaymentsSeries", "What\u2019s Next in Payments", "What\u2019s Next In Payments: How Do You Do Digital 2024" ] }, { "id": "https://www.pymnts.com/?p=2097897", "url": "https://www.pymnts.com/credit-unions/2024/velera-begins-providing-card-processing-to-florida-based-brightstar-credit-union/", "title": "Velera Begins Providing Card Processing to Florida-Based BrightStar Credit Union", "content_html": "Credit union service organization (CUSO) Velera has begun providing card processing solutions to BrightStar Credit Union, which services about 60,000 members in South Florida.
\nThe CUSO started providing credit card processing support to the credit union in June and will add debit card processing services by the end of September, Velera said in a Thursday (Sept. 12) press release emailed to PYMNTS.
\n\u201cAs a CUSO, Velera shares a unique understanding of our needs and values, fostering a partnership that is built on mutual goals and trust,\u201d Natasha Schneider, vice president of finance at BrightStar, said in the release. \u201cIts state-of-the-art card processing solutions bring enhanced functionality to our cardholders, offering advanced features such as contactless payments, real-time transaction alerts, seamless mobile integration and robust fraud protection.\u201d
\nBrightStar joins more than 4,000 financial institutions across North America that are served by Velera, which was formerly PSCU/Co-op Solutions, according to the release.
\nBrian Scott, executive vice president and chief growth officer at Velera, said in the release: \u201cVelera and BrightStar Credit Union share a commitment to providing innovative solutions and best-in-class service. We are extremely pleased to have the opportunity to help BrightStar enhance its member experience across the South Florida community.\u201d
\nThis news comes about a week after Velera announced an expanded partnership with HawaiiUSA Federal Credit Union\u00a0that saw the CUSO adding debit card processing\u00a0support to the credit card processing support it already provided to the Honolulu-headquartered credit union. HawaiiUSA delivers services to more than 132,000 members.
\nIn another recent move, the CUSO said Sept. 4 that it launched the Velera Innovation Alliance (VIA), a coalition of 13 credit union\u00a0executives that aims to drive competitiveness and improve the sustainability of credit unions in the digital financial ecosystem.
\nTogether with Velera, the executives will take part in proof-of-concept (POC) planning and testing, give feedback on POCs\u00a0being developed by VIA members, discuss their areas of focus for their respective credit unions and offer insights into criteria for partnering with FinTechs.
\nKeeping a pulse on shifts and trends can help organizations prepare to overcome any challenges they may face, Velera CEO Chuck Fagan\u00a0wrote in the PYMNTS eBook, \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.\u201d
\n\u201cWith the right tools and protocols in place, along with a willingness to be flexible and resilient, organizations can be well positioned to navigate the remainder of 2024 and enter the next year ready to succeed,\u201d Fagan wrote.
\nThe post Velera Begins Providing Card Processing to Florida-Based BrightStar Credit Union appeared first on PYMNTS.com.
\n", "content_text": "Credit union service organization (CUSO) Velera has begun providing card processing solutions to BrightStar Credit Union, which services about 60,000 members in South Florida.\nThe CUSO started providing credit card processing support to the credit union in June and will add debit card processing services by the end of September, Velera said in a Thursday (Sept. 12) press release emailed to PYMNTS.\n\u201cAs a CUSO, Velera shares a unique understanding of our needs and values, fostering a partnership that is built on mutual goals and trust,\u201d Natasha Schneider, vice president of finance at BrightStar, said in the release. \u201cIts state-of-the-art card processing solutions bring enhanced functionality to our cardholders, offering advanced features such as contactless payments, real-time transaction alerts, seamless mobile integration and robust fraud protection.\u201d\nBrightStar joins more than 4,000 financial institutions across North America that are served by Velera, which was formerly PSCU/Co-op Solutions, according to the release.\nBrian Scott, executive vice president and chief growth officer at Velera, said in the release: \u201cVelera and BrightStar Credit Union share a commitment to providing innovative solutions and best-in-class service. We are extremely pleased to have the opportunity to help BrightStar enhance its member experience across the South Florida community.\u201d\nThis news comes about a week after Velera announced an expanded partnership with HawaiiUSA Federal Credit Union\u00a0that saw the CUSO adding debit card processing\u00a0support to the credit card processing support it already provided to the Honolulu-headquartered credit union. HawaiiUSA delivers services to more than 132,000 members.\nIn another recent move, the CUSO said Sept. 4 that it launched the Velera Innovation Alliance (VIA), a coalition of 13 credit union\u00a0executives that aims to drive competitiveness and improve the sustainability of credit unions in the digital financial ecosystem.\nTogether with Velera, the executives will take part in proof-of-concept (POC) planning and testing, give feedback on POCs\u00a0being developed by VIA members, discuss their areas of focus for their respective credit unions and offer insights into criteria for partnering with FinTechs.\nKeeping a pulse on shifts and trends can help organizations prepare to overcome any challenges they may face, Velera CEO Chuck Fagan\u00a0wrote in the PYMNTS eBook, \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.\u201d\n\u201cWith the right tools and protocols in place, along with a willingness to be flexible and resilient, organizations can be well positioned to navigate the remainder of 2024 and enter the next year ready to succeed,\u201d Fagan wrote.\nThe post Velera Begins Providing Card Processing to Florida-Based BrightStar Credit Union appeared first on PYMNTS.com.", "date_published": "2024-09-12T10:00:22-04:00", "date_modified": "2024-09-11T22:58:53-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Velera.jpg", "tags": [ "BrightStar", "card processing", "Credit Unions", "CUSO", "News", "PYMNTS News", "Valera", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2081137", "url": "https://www.pymnts.com/credit-unions/2024/velera-innovation-alliance-aims-drive-credit-union-growth/", "title": "Velera Innovation Alliance Aims to Drive Credit Union Growth", "content_html": "Credit union service organization Velera launched the Velera Innovation Alliance (VIA), an extension of Velera\u2019s Fintech Engagement Program, which was first announced in April.
\nThe VIA is a coalition made up of 13 credit union executives and aims to drive competitiveness and improve the sustainability of credit unions in the digital financial ecosystem, according to a Wednesday (Sept. 4) press release.
\n\u201cTogether, we will explore cutting-edge technologies, identify innovative opportunities, engage in active participation for proof-of-concept (POC) initiatives and ultimately support and promote our Fintech Engagement Program across the credit union industry,\u201d Velera Vice President of Innovation Vladimir Jovanovic said in the release.
\nThe executives in the alliance will take part in POC planning and testing, giving feedback on POCs being developed by VIA members, per the release. They will also discuss their areas of focus for their respective credit unions and offer insights into criteria for partnering with FinTechs.
\nThe PYMNTS Intelligence report \u201cHow FinTechs Can Align With Credit Union Innovation Agendas\u201d found that most FinTechs view credit unions as collaborators instead of rivals.
\nThe report examined how FinTechs are innovating to meet the financial needs of credit union members. It was based on a survey of 110 executives at FinTechs that provide services to financial institutions, as well as individual consumers.
\nVelera was previously known as PSCU/Co-op Solution before it rebranded in May.
\nThe new name reflects the company\u2019s dedication to driving velocity and positive momentum for credit unions.
\n\u201cWe are now Velera, and we are extremely proud of what we are creating with this new brand,\u201d Velera President and CEO Chuck Fagan said in a statement. \u201cWe are energized for the future as we provide credit unions with a competitive advantage in an ever-evolving market, ultimately driving momentum for credit union missions across the country.\u201d
\nIn the PYMNTS eBook \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business,\u201d Fagan stressed the importance of credit unions\u2019 ability to combat fraud.
\n\u201cWhile uncertainty will always remain present in the payments and credit union industries, careful contingency planning and keeping a pulse on shifts and trends can help organizations be best prepared to overcome any challenges they face,\u201d he said.
\nThe post Velera Innovation Alliance Aims to Drive Credit Union Growth appeared first on PYMNTS.com.
\n", "content_text": "Credit union service organization Velera launched the Velera Innovation Alliance (VIA), an extension of Velera\u2019s Fintech Engagement Program, which was first announced in April.\nThe VIA is a coalition made up of 13 credit union executives and aims to drive competitiveness and improve the sustainability of credit unions in the digital financial ecosystem, according to a Wednesday (Sept. 4) press release.\n\u201cTogether, we will explore cutting-edge technologies, identify innovative opportunities, engage in active participation for proof-of-concept (POC) initiatives and ultimately support and promote our Fintech Engagement Program across the credit union industry,\u201d Velera Vice President of Innovation Vladimir Jovanovic said in the release.\nThe executives in the alliance will take part in POC planning and testing, giving feedback on POCs being developed by VIA members, per the release. They will also discuss their areas of focus for their respective credit unions and offer insights into criteria for partnering with FinTechs.\nThe PYMNTS Intelligence report \u201cHow FinTechs Can Align With Credit Union Innovation Agendas\u201d found that most FinTechs view credit unions as collaborators instead of rivals.\nThe report examined how FinTechs are innovating to meet the financial needs of credit union members. It was based on a survey of 110 executives at FinTechs that provide services to financial institutions, as well as individual consumers.\nVelera was previously known as PSCU/Co-op Solution before it rebranded in May.\nThe new name reflects the company\u2019s dedication to driving velocity and positive momentum for credit unions.\n\u201cWe are now Velera, and we are extremely proud of what we are creating with this new brand,\u201d Velera President and CEO Chuck Fagan said in a statement. \u201cWe are energized for the future as we provide credit unions with a competitive advantage in an ever-evolving market, ultimately driving momentum for credit union missions across the country.\u201d\nIn the PYMNTS eBook \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business,\u201d Fagan stressed the importance of credit unions\u2019 ability to combat fraud.\n\u201cWhile uncertainty will always remain present in the payments and credit union industries, careful contingency planning and keeping a pulse on shifts and trends can help organizations be best prepared to overcome any challenges they face,\u201d he said.\nThe post Velera Innovation Alliance Aims to Drive Credit Union Growth appeared first on PYMNTS.com.", "date_published": "2024-09-04T13:14:12-04:00", "date_modified": "2024-09-04T13:14:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Velera.jpg", "tags": [ "Credit Unions", "Digital Banking", "FinTech", "Innovation", "News", "PYMNTS News", "Technology", "Velera", "Velera Innovation Alliance", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2064260", "url": "https://www.pymnts.com/credit-unions/2024/fintechs-now-see-credit-unions-as-collaborators-not-competitors/", "title": "FinTechs Now See Credit Unions as Collaborators, Not Competitors", "content_html": "Many FinTechs partner with credit unions (CUs) and other financial institutions (FIs) to provide the innovative products and services that today\u2019s digital-first consumers expect. In fact, almost all view CUs as collaborators more than competitors. To be successful partners, FinTechs need to align their innovation roadmaps with CUs\u2019 innovation agendas.
\nA key objective among FinTechs is to innovate around self-service banking. PYMNTS Intelligence\u2019s data shows most FinTechs planning at least one type of self-service banking product. This is one way that FinTechs\u2019 innovation roadmaps align with CUs\u2019 agendas. But our latest report reveals areas of misalignment that FinTechs need to address.
\nThese are some of the key findings explored in \u201cHow FinTechs Can Align With Credit Union Innovation Agendas,\u201d a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. This report examines how FinTechs are innovating to meet the financial needs of CU members. The report is based on a survey of 110 executives at FinTechs that provide services to FIs and individual consumers. Conducted between March 7 and April 1, the survey investigated how FinTechs partner with CUs to provide innovative banking solutions.
\nThe report also includes insights from a survey of 200 CU executives conducted from March 7 to April 2. This survey aimed to learn about CUs\u2019 current product and feature offerings as well as their plans for future innovation.
\nAlthough FinTechs partner with CUs to provide the products and services that today\u2019s digital first consumers expect, these partnerships are not without frictions. The report explores the challenges FinTechs face internally and externally when bringing innovative products to market.
\nEight charts of insightful data explore the opportunity for FinTechs when they align their innovations roadmap with what CUs\u2019 want. Download the report to learn about how both are innovating digital banking and payment solutions to drive future growth.
\nThe post FinTechs Now See Credit Unions as Collaborators, Not Competitors appeared first on PYMNTS.com.
\n", "content_text": "Download the Playbook\n \n How FinTechs Can Align With Credit Union Innovation Agendas\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nMany FinTechs partner with credit unions (CUs) and other financial institutions (FIs) to provide the innovative products and services that today\u2019s digital-first consumers expect. In fact, almost all view CUs as collaborators more than competitors. To be successful partners, FinTechs need to align their innovation roadmaps with CUs\u2019 innovation agendas.\nA key objective among FinTechs is to innovate around self-service banking. PYMNTS Intelligence\u2019s data shows most FinTechs planning at least one type of self-service banking product. This is one way that FinTechs\u2019 innovation roadmaps align with CUs\u2019 agendas. But our latest report reveals areas of misalignment that FinTechs need to address.\nThese are some of the key findings explored in \u201cHow FinTechs Can Align With Credit Union Innovation Agendas,\u201d a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. This report examines how FinTechs are innovating to meet the financial needs of CU members. The report is based on a survey of 110 executives at FinTechs that provide services to FIs and individual consumers. Conducted between March 7 and April 1, the survey investigated how FinTechs partner with CUs to provide innovative banking solutions.\nThe report also includes insights from a survey of 200 CU executives conducted from March 7 to April 2. This survey aimed to learn about CUs\u2019 current product and feature offerings as well as their plans for future innovation.\nInside \u201cHow FinTechs Can Align With Credit Union Innovation Agendas\u201d:\n\nThe obstacles that FinTechs say they face when selling to CUs\nDetails about how FinTechs view their relationships with CUs\nWhat products and features FinTechs plan to offer in the next three years\nHow FinTechs\u2019 innovation pipeline helps CUs\u2019 meet the needs of digital-first members\nWhere FinTechs\u2019 innovation priorities differ from CUs\u2019 priorities\nThe internal challenges that FinTechs face when bringing innovations to market\n\nAlthough FinTechs partner with CUs to provide the products and services that today\u2019s digital first consumers expect, these partnerships are not without frictions. The report explores the challenges FinTechs face internally and externally when bringing innovative products to market.\nEight charts of insightful data explore the opportunity for FinTechs when they align their innovations roadmap with what CUs\u2019 want. Download the report to learn about how both are innovating digital banking and payment solutions to drive future growth.\nThe post FinTechs Now See Credit Unions as Collaborators, Not Competitors appeared first on PYMNTS.com.", "date_published": "2024-08-27T04:03:26-04:00", "date_modified": "2024-08-26T21:51:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/FinTechs-Credit-Unions-Banking-innovation.jpg", "tags": [ "banking", "banking innovation", "Credit Unions", "digital first banking", "Featured News", "FinTechs", "News", "PSCU", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Velera" ] }, { "id": "https://www.pymnts.com/?p=2062222", "url": "https://www.pymnts.com/credit-unions/2024/velera-provide-contact-center-services-civic-federal-credit-union/", "title": "Velera to Provide Contact Center Services to Civic Federal Credit Union", "content_html": "Credit union service organization (CUSO) Velera will provide contact center services and support to Civic Federal Credit Union, a digital-first credit union serving local government employees and their families across North Carolina.
\n\u201cWe believe innovating on new approaches, advocating for our membership and crafting unique solutions will result in a successful partnership, and we are excited about all that we will achieve in our new relationship with Velera,\u201d Maria Moore, senior vice president of member experiences at Civic, said in a Thursday (Aug. 22) press release.
\nVelera will begin providing membership experience support services for Civic in the fall, according to the release.
\nRound-the-clock member support via its contact centers is one of the many services and financial technology solutions that Velera offers to financial institutions, per the release.
\n\u201cCivic\u2019s approach to digital- and people-first financial services is perfectly aligned with our goals at Velera,\u201d Brian Scott, executive vice president and chief growth officer at Velera, said in the release. \u201cWe are eager to provide the credit union and its members with elevated and enhanced contact center services and offerings.\u201d
\nVelera serves more than 4,000 financial institutions throughout North America, according to the release. Together with member support, the CUSO offers payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, and shared branching.
\nThe CUSO was formerly known as PSCU/Co-op Solutions, and it is rolling out the Velera brand in phases through the next year.
\nThe joint efforts of PSCU/Co-op, which combined in January, are crystallized in an Emerging Services team and in a FinTech advisory group that helps credit unions take a leading-edge approach to new distribution channels and digital efforts, Chuck Fagan, president and CEO of Velera, told PYMNTS CEO Karen Webster in an interview posted in June.
\n\u201cMarrying up those segments with the FinTechs and the 4,000+ FIs\u201d served by Velera \u201cputs us in a good position\u201d to modernize credit unions\u2019 operations and offerings, Fagan said.
\nThe post Velera to Provide Contact Center Services to Civic Federal Credit Union appeared first on PYMNTS.com.
\n", "content_text": "Credit union service organization (CUSO) Velera will provide contact center services and support to Civic Federal Credit Union, a digital-first credit union serving local government employees and their families across North Carolina.\n\u201cWe believe innovating on new approaches, advocating for our membership and crafting unique solutions will result in a successful partnership, and we are excited about all that we will achieve in our new relationship with Velera,\u201d Maria Moore, senior vice president of member experiences at Civic, said in a Thursday (Aug. 22) press release.\nVelera will begin providing membership experience support services for Civic in the fall, according to the release.\nRound-the-clock member support via its contact centers is one of the many services and financial technology solutions that Velera offers to financial institutions, per the release.\n\u201cCivic\u2019s approach to digital- and people-first financial services is perfectly aligned with our goals at Velera,\u201d Brian Scott, executive vice president and chief growth officer at Velera, said in the release. \u201cWe are eager to provide the credit union and its members with elevated and enhanced contact center services and offerings.\u201d\nVelera serves more than 4,000 financial institutions throughout North America, according to the release. Together with member support, the CUSO offers payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, and shared branching.\nThe CUSO was formerly known as PSCU/Co-op Solutions, and it is rolling out the Velera brand in phases through the next year.\nThe joint efforts of PSCU/Co-op, which combined in January, are crystallized in an Emerging Services team and in a FinTech advisory group that helps credit unions take a leading-edge approach to new distribution channels and digital efforts, Chuck Fagan, president and CEO of Velera, told PYMNTS CEO Karen Webster in an interview posted in June.\n\u201cMarrying up those segments with the FinTechs and the 4,000+ FIs\u201d served by Velera \u201cputs us in a good position\u201d to modernize credit unions\u2019 operations and offerings, Fagan said.\nThe post Velera to Provide Contact Center Services to Civic Federal Credit Union appeared first on PYMNTS.com.", "date_published": "2024-08-22T10:25:15-04:00", "date_modified": "2024-08-22T10:25:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Velera.jpg", "tags": [ "Civic Federal Credit Union", "Credit Unions", "News", "partnerships", "PYMNTS News", "Velera", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2050264", "url": "https://www.pymnts.com/credit-unions/2024/study-shows-top-performing-credit-unions-innovate-to-stay-competitive/", "title": "Study Shows Top-Performing Credit Unions Innovate to Stay Competitive", "content_html": "Credit union (CU) executives understand the importance of innovation. However, PYMNTS Intelligence uncovered a disconnect between how some CUs measure innovation success among different performance tiers.
\nMore than three-quarters of top performers benchmark their innovation agenda\u2019s return on investment (ROI) by increases to their membership base and revenue growth. Significantly fewer bottom performers use these metrics.
\nTop performers see Big Tech companies and companies that provide alternative lending and banking services as competitors for members. Bottom performers, meanwhile, worry most about competition from local and regional financial institutions. These differences suggest that top performers may be better positioned to reduce churn and engage new members.
\nThese are some of the insights explored in \u201cHow Top-Performing Credit Unions Innovate to Stay Competitive,\u201d a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. The report examines how CUs are investing in innovative products and services to retain current members and attract new ones. This report is based on a survey of 200 CU executives conducted from March 7 to April 2. The survey sought to learn about CUs\u2019 current product and feature offerings as well as their plans for future innovation. Download the report here.
\nThe report explores the current state of CU investment in innovation. It reveals how top performers stay competitive by providing the products and services that today\u2019s digital first consumer expect. Eight charts of insightful data explore what\u2019s working for top performers and where the rest lag behind. Download the report to learn about how top-performing CUs leverage innovation to grow their memberships.
\nThe post Study Shows Top-Performing Credit Unions Innovate to Stay Competitive appeared first on PYMNTS.com.
\n", "content_text": "Download the Playbook\n \n How Top-Performing Credit Unions Innovate to Stay Competitive\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nCredit union (CU) executives understand the importance of innovation. However, PYMNTS Intelligence uncovered a disconnect between how some CUs measure innovation success among different performance tiers.\nMore than three-quarters of top performers benchmark their innovation agenda\u2019s return on investment (ROI) by increases to their membership base and revenue growth. Significantly fewer bottom performers use these metrics.\nTop performers see Big Tech companies and companies that provide alternative lending and banking services as competitors for members. Bottom performers, meanwhile, worry most about competition from local and regional financial institutions. These differences suggest that top performers may be better positioned to reduce churn and engage new members.\nThese are some of the insights explored in \u201cHow Top-Performing Credit Unions Innovate to Stay Competitive,\u201d a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. The report examines how CUs are investing in innovative products and services to retain current members and attract new ones. This report is based on a survey of 200 CU executives conducted from March 7 to April 2. The survey sought to learn about CUs\u2019 current product and feature offerings as well as their plans for future innovation. Download the report here.\nInside \u201cHow Top-Performing Credit Unions Innovate to Stay Competitive\u201d:\n\nComparisons of how top, middle and bottom performers rank in the Innovation Readiness Index\nAnalysis of how CUs\u2019 innovation agendas align with what their members want\nHow CUs measure the ROI of their payment innovations\nInsights into which entities CUs in different performance tiers identify as their competition\nWhat CUs see as their top competitive advantages\nSeven steps CUs need to take to increase their payment innovation readiness\n\nThe report explores the current state of CU investment in innovation. It reveals how top performers stay competitive by providing the products and services that today\u2019s digital first consumer expect. Eight charts of insightful data explore what\u2019s working for top performers and where the rest lag behind. Download the report to learn about how top-performing CUs leverage innovation to grow their memberships.\nThe post Study Shows Top-Performing Credit Unions Innovate to Stay Competitive appeared first on PYMNTS.com.", "date_published": "2024-08-12T04:03:44-04:00", "date_modified": "2024-08-12T12:19:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/credit-union-membership-banking-innovation-1.jpg", "tags": [ "banking innovation", "Credit Unions", "CU Innovation", "CU Membership", "Featured News", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "ROI" ] }, { "id": "https://www.pymnts.com/?p=2023139", "url": "https://www.pymnts.com/credit-unions/2024/savvymoney-constellation-partner-credit-union-financial-management-tools/", "title": "SavvyMoney and Constellation Partner on Credit Union Financial Management Tools", "content_html": "SavvyMoney and Constellation Digital Partners teamed up to deliver credit decisioning, analytics and financial wellness solutions to credit unions.
\nVia collaboration, SavvyMoney\u2019s personalized financial management tools will be made available to users of the Constellation Digital Banking platform, the companies said in a Tuesday (Aug. 6) press release.
\n\u201cConstellation\u2019s goal has always been to help credit unions develop the technology roadmap they need to meet their unique business demands and address the needs of their members to thrive in today\u2019s digital banking environment,\u201d Constellation founder and CEO Kris Kovacs said in the release.
\nConstellation\u2019s open development platform allows credit unions to deliver a customized digital banking experience to their members by connecting to FinTechs like SavvyMoney, according to the release.
\nSavvyMoney\u2019s credit scoring solutions and analytics help community financial institutions provide better, faster decisioning, while its interactive digital tools and personalization capabilities enable them to support the financial wellness of their customers and members, per the release.
\n\u201cBy integrating SavvyMoney\u2019s market-leading credit monitoring solutions and offers engine into Constellation\u2019s platform, we aim to enhance digital engagement and provide credit unions and their members with invaluable insights and resources to effectively manage financial health,\u201d SavvyMoney Chief Revenue Officer Chris Fraenza said in the release.
\nIn another move, SavvyMoney debuted an offer automation tool for financial institutions in July. The offering, dubbed \u201cGet My Rate,\u201d allows users to pre-qualify for multiple offers simultaneously, receive ongoing alerts when rates change in their favor, and get continuous credit monitoring and a comprehensive set of financial wellness tools designed to help them improve their financial profile over time.
\nThe PYMNTS Intelligence report \u201cBolstering Credit Union Membership With Superior Lending Options\u201d found that credit unions have the qualities and values borrowers seek, as they can offer better lending rates and personalized customer service that are especially valuable during economic downturns.
\nCredit unions can use a personalized approach to work with new and existing borrowers, find ways to help borrowers rejected on their first try and keep delinquency rates low by applying a personalized touch.
\nThe post SavvyMoney and Constellation Partner on Credit Union Financial Management Tools appeared first on PYMNTS.com.
\n", "content_text": "SavvyMoney and Constellation Digital Partners teamed up to deliver credit decisioning, analytics and financial wellness solutions to credit unions.\nVia collaboration, SavvyMoney\u2019s personalized financial management tools will be made available to users of the Constellation Digital Banking platform, the companies said in a Tuesday (Aug. 6) press release.\n\u201cConstellation\u2019s goal has always been to help credit unions develop the technology roadmap they need to meet their unique business demands and address the needs of their members to thrive in today\u2019s digital banking environment,\u201d Constellation founder and CEO Kris Kovacs said in the release.\nConstellation\u2019s open development platform allows credit unions to deliver a customized digital banking experience to their members by connecting to FinTechs like SavvyMoney, according to the release.\nSavvyMoney\u2019s credit scoring solutions and analytics help community financial institutions provide better, faster decisioning, while its interactive digital tools and personalization capabilities enable them to support the financial wellness of their customers and members, per the release.\n\u201cBy integrating SavvyMoney\u2019s market-leading credit monitoring solutions and offers engine into Constellation\u2019s platform, we aim to enhance digital engagement and provide credit unions and their members with invaluable insights and resources to effectively manage financial health,\u201d SavvyMoney Chief Revenue Officer Chris Fraenza said in the release.\nIn another move, SavvyMoney debuted an offer automation tool for financial institutions in July. The offering, dubbed \u201cGet My Rate,\u201d allows users to pre-qualify for multiple offers simultaneously, receive ongoing alerts when rates change in their favor, and get continuous credit monitoring and a comprehensive set of financial wellness tools designed to help them improve their financial profile over time.\nThe PYMNTS Intelligence report \u201cBolstering Credit Union Membership With Superior Lending Options\u201d found that credit unions have the qualities and values borrowers seek, as they can offer better lending rates and personalized customer service that are especially valuable during economic downturns.\nCredit unions can use a personalized approach to work with new and existing borrowers, find ways to help borrowers rejected on their first try and keep delinquency rates low by applying a personalized touch.\nThe post SavvyMoney and Constellation Partner on Credit Union Financial Management Tools appeared first on PYMNTS.com.", "date_published": "2024-08-06T12:36:48-04:00", "date_modified": "2024-08-06T12:36:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/SavvyMoney.png", "tags": [ "Constellation Digital Partners", "credit", "Credit Unions", "Digital Banking", "FinTech", "News", "partnerships", "PYMNTS News", "SavvyMoney", "Technology", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2022270", "url": "https://www.pymnts.com/credit-unions/2024/cardinal-credit-unions-digital-leap-financial-education-meets-modern-banking/", "title": "Cardinal Credit Union\u2019s Digital Leap: Financial Education Meets Modern Banking", "content_html": "Cardinal Credit Union, a 71-year-old CU based in Ohio, is rooted in bringing financial education to the community and in educating younger generations. But the key to its future success lies in a continuum of digital and a brick-and-mortar, in-branch experience.
\nChristine Blake, CEO of Cardinal Credit Union, told PYMNTS that the firm\u2019s recent debut of a suite of new digital capabilities seeks to deliver data-driven, personalized experiences no matter where and when members choose to conduct their daily financial lives.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/Cardinal-Credit-union-mobile.jpg\")
Cardinal Credit Union launched its new online banking platform\u00a0late last month, with features spanning\u00a0 personalized financial recommendations, and a \u201cholistic dashboard\u201d to track finances, along with real-time payments and automatic transfers, along with a real-time chat function with a live person. Partners include Lumin Digital and Velera.
The launch belies the conventional wisdom that smaller banks do not need to be as digital as their larger brethren \u2014 simply because their customers don\u2019t expect them to be digital.
\n\u201cThat\u2019s not where anybody is today,\u201d Blake said, adding that \u201ceverything in payments is on your phone \u2014 your debit card, credit card, everything that you use is on your phone now \u2026 and things are just getting faster and faster.\u201d
\nSpeaking of things getting faster: Banking customers are becoming increasingly familiar with the potential inherent in real-time payments, and are demanding that the option be made available (though there are still some concerns about fraud). Open banking makes it possible to aggregate account data, while connecting banks and FinTechs to enable new services and products. Buy now, pay later (BNPL) options are seeing a groundswell of popularity \u2026 and all of it is being done digitally.
\nWhile it\u2019s true that the credit union has its share of consumers who want a high-touch experience in the branch itself \u2014 they\u2019ve got questions about loans, credit scores and want to meet face-to-face at times \u2014 there\u2019s a growing need to deliver always-on, on-demand banking.
\nCustomers are skewing ever-younger, and Cardinal Credit itself can bank on a wellspring of new members signing on as a result of its ongoing financial education programs that extend across five local high schools and Lakeland Community College. The credit union has designed a curriculum that helps attendees open accounts, use cards and tap modern technology as they learn more about banking.
\nThe CU also conducts monthly financial wellness seminars, as its branches are transformed into financial education centers rather than existing as places to manage checking and savings accounts. Blake noted to PYMNTS that as the financial institution (FI) interacts with members in the branch setting, it has the opportunity to introduce those members to the digital offerings, guiding them through the experiences surrounding multifactor authentication and other features. Half of Cardinal\u2019s staff is made up certified financial counselors who are well equipped to serve as informational sources for members. The digital offering is a natural complement to the branch interactions, she observed.
\n\u201cWe knew this was something that we wanted,\u201d said Blake of the digital platform, \u201cand it was just a matter of time before we could afford this and find the right partners to bring it to our members.\u201d
\nAs she told PYMNTS, with a nod to the streamlined experiences embedded in the platform. \u201cPeople do not want to have to click five times to get somewhere \u2014 and they do not want to have to do a ton of research to find something \u2026 We want to make things simple and clear but have all the additional features you might\u00a0 need or want, while at the same time offering a beautiful experience to the member.\u201d
\nThe combination of the digital and tactile experiences, she said, caters to the tech savvy and the less technically-adept members, as data from its debit and credit partners and its technology providers offers insight into the trends that are shaping member expectations. Given the community and educational focus, Blake said that the newest offerings on Cardinal\u2019s horizon are geared toward helping younger members branch out into investors. With Bits of Stock, as members use debit cards, they accrue rewards that can then be used to buy fractional shares of stock.
\nThe focus for Cardinal Credit Union is to move people who might be used to the traditional banking space to a digital platform, said Blake. \u201cIf you want to be relevant\u00a0 tomorrow, you\u2019re gong to need those technologies today \u2014 and we need those tools to bring people along, and we\u2019re their trusted financial advisor.\u201d
\nThe post Cardinal Credit Union\u2019s Digital Leap: Financial Education Meets Modern Banking appeared first on PYMNTS.com.
\n", "content_text": "Cardinal Credit Union, a 71-year-old CU based in Ohio, is rooted in bringing financial education to the community and in educating younger generations. But the key to its future success lies in a continuum of digital and a brick-and-mortar, in-branch experience.\nChristine Blake, CEO of Cardinal Credit Union, told PYMNTS that the firm\u2019s recent debut of a suite of new digital capabilities seeks to deliver data-driven, personalized experiences no matter where and when members choose to conduct their daily financial lives.\nCardinal Credit Union launched its new online banking platform\u00a0late last month, with features spanning\u00a0 personalized financial recommendations, and a \u201cholistic dashboard\u201d to track finances, along with real-time payments and automatic transfers, along with a real-time chat function with a live person. Partners include Lumin Digital and Velera.\nThe launch belies the conventional wisdom that smaller banks do not need to be as digital as their larger brethren \u2014 simply because their customers don\u2019t expect them to be digital.\n\u201cThat\u2019s not where anybody is today,\u201d Blake said, adding that \u201ceverything in payments is on your phone \u2014 your debit card, credit card, everything that you use is on your phone now \u2026 and things are just getting faster and faster.\u201d\nSpeaking of things getting faster: Banking customers are becoming increasingly familiar with the potential inherent in real-time payments, and are demanding that the option be made available (though there are still some concerns about fraud). Open banking makes it possible to aggregate account data, while connecting banks and FinTechs to enable new services and products. Buy now, pay later (BNPL) options are seeing a groundswell of popularity \u2026 and all of it is being done digitally.\nMoving Into the Digital Age\nWhile it\u2019s true that the credit union has its share of consumers who want a high-touch experience in the branch itself \u2014 they\u2019ve got questions about loans, credit scores and want to meet face-to-face at times \u2014 there\u2019s a growing need to deliver always-on, on-demand banking.\nCustomers are skewing ever-younger, and Cardinal Credit itself can bank on a wellspring of new members signing on as a result of its ongoing financial education programs that extend across five local high schools and Lakeland Community College. The credit union has designed a curriculum that helps attendees open accounts, use cards and tap modern technology as they learn more about banking.\nThe CU also conducts monthly financial wellness seminars, as its branches are transformed into financial education centers rather than existing as places to manage checking and savings accounts. Blake noted to PYMNTS that as the financial institution (FI) interacts with members in the branch setting, it has the opportunity to introduce those members to the digital offerings, guiding them through the experiences surrounding multifactor authentication and other features. Half of Cardinal\u2019s staff is made up certified financial counselors who are well equipped to serve as informational sources for members. The digital offering is a natural complement to the branch interactions, she observed.\n\u201cWe knew this was something that we wanted,\u201d said Blake of the digital platform, \u201cand it was just a matter of time before we could afford this and find the right partners to bring it to our members.\u201d\nAs she told PYMNTS, with a nod to the streamlined experiences embedded in the platform. \u201cPeople do not want to have to click five times to get somewhere \u2014 and they do not want to have to do a ton of research to find something \u2026 We want to make things simple and clear but have all the additional features you might\u00a0 need or want, while at the same time offering a beautiful experience to the member.\u201d\nThe combination of the digital and tactile experiences, she said, caters to the tech savvy and the less technically-adept members, as data from its debit and credit partners and its technology providers offers insight into the trends that are shaping member expectations. Given the community and educational focus, Blake said that the newest offerings on Cardinal\u2019s horizon are geared toward helping younger members branch out into investors. With Bits of Stock, as members use debit cards, they accrue rewards that can then be used to buy fractional shares of stock.\nThe focus for Cardinal Credit Union is to move people who might be used to the traditional banking space to a digital platform, said Blake. \u201cIf you want to be relevant\u00a0 tomorrow, you\u2019re gong to need those technologies today \u2014 and we need those tools to bring people along, and we\u2019re their trusted financial advisor.\u201d\nThe post Cardinal Credit Union\u2019s Digital Leap: Financial Education Meets Modern Banking appeared first on PYMNTS.com.", "date_published": "2024-08-06T04:01:48-04:00", "date_modified": "2024-08-05T22:28:31-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Cardinal-Credit-Union.jpg", "tags": [ "Cardinal Credit Union", "Christine Blake", "Credit Unions", "Digital Banking", "Featured News", "financial education", "mobile banking", "News", "online banking", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=1973663", "url": "https://www.pymnts.com/credit-unions/2024/self-service-innovation-emerges-as-key-to-credit-union-retention-and-growth/", "title": "New Data: Self-Service Innovation Emerges as Key to Credit Union Retention and Growth", "content_html": "Credit union (CU) members tend to value benefits such as personal service and a sense of community associated with CUs. Data reveals, however, that CU members increasingly show interest in self-service options and the convenience they provide. Like many digital-first consumers, CU members increasingly expect a seamless user experience across digital and physical channels. As a result, they choose providers that are up to speed on the latest innovations.
\nOngoing innovation in self-service banking \u2014 including online and mobile options and the ability to use any ATM \u2014 can help CUs stand out, especially among younger consumers. For instance, nearly one-quarter of Generation Z and bridge millennials choose a financial institution (FI) based on self-service banking convenience and user experience. CUs that innovate in self-service banking are well positioned to grow memberships among younger consumers \u2014 especially Gen Z.
\nThese are just of the findings from \u201cHow CUs Can Drive Engagement with Self-Service Banking Innovation,\u201d a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. This report examines how self-service banking innovation can help CUs retain their current members while attracting new ones. It is based on a census-balanced survey of 4,551 U.S. consumers investigating which products and features consumers want and expect from CUs. The survey was conducted between Feb. 29 and April 8.
\nOther key findings from the report include:
\nMore than six in 10 CU members say they rely on online banking the most when accessing financial services. Mobile and online banking are the most popular among Gen Z consumers, but only by a narrow margin. Meanwhile, at 14% each, millennials and bridge millennials are the most likely to use ATMs the most. These findings highlight the importance of self-service banking options in driving CU membership growth, especially among younger consumers.
\nData shows a correlation between how consumers most often access financial services and their interest in self-service banking convenience. While 18% of CU members who prefer using ATMs say self-service banking convenience is important when choosing to use a CU as their primary FI, just 9.1% of CU members who prefer in-person banking say the same. CUs wanting to reduce churn and attract new members need to focus their innovation efforts on providing self-service banking.
\nBetter marketing may be necessary to convince the many non-CU members to join a CU. For example, millennials are the most likely to say unfamiliarity with CUs is a reason for not becoming a member. Gen Z is more likely to cite restrictive credit offerings as a reason for not choosing a CU.
\nCUs need a multipronged approach to attracting new members while retaining current ones. Ongoing self-service banking innovation can help CUs engage Gen Z members today and into the future. However, they cannot neglect user experience, marketing and lending criteria. Download the report to learn how leading CUs are innovating to attract digital-first consumers.
\nThe post New Data: Self-Service Innovation Emerges as Key to Credit Union Retention and Growth appeared first on PYMNTS.com.
\n", "content_text": "Download the Playbook\n \n How CUs Can Drive Engagement with Self-Service Banking Innovation\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nCredit union (CU) members tend to value benefits such as personal service and a sense of community associated with CUs. Data reveals, however, that CU members increasingly show interest in self-service options and the convenience they provide. Like many digital-first consumers, CU members increasingly expect a seamless user experience across digital and physical channels. As a result, they choose providers that are up to speed on the latest innovations.\nOngoing innovation in self-service banking \u2014 including online and mobile options and the ability to use any ATM \u2014 can help CUs stand out, especially among younger consumers. For instance, nearly one-quarter of Generation Z and bridge millennials choose a financial institution (FI) based on self-service banking convenience and user experience. CUs that innovate in self-service banking are well positioned to grow memberships among younger consumers \u2014 especially Gen Z.\nThese are just of the findings from \u201cHow CUs Can Drive Engagement with Self-Service Banking Innovation,\u201d a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. This report examines how self-service banking innovation can help CUs retain their current members while attracting new ones. It is based on a census-balanced survey of 4,551 U.S. consumers investigating which products and features consumers want and expect from CUs. The survey was conducted between Feb. 29 and April 8.\nOther key findings from the report include:\nSelf-service banking innovations are popular with all members, but millennials are most likely to say they rely on ATMs.\nMore than six in 10 CU members say they rely on online banking the most when accessing financial services. Mobile and online banking are the most popular among Gen Z consumers, but only by a narrow margin. Meanwhile, at 14% each, millennials and bridge millennials are the most likely to use ATMs the most. These findings highlight the importance of self-service banking options in driving CU membership growth, especially among younger consumers.\nCU members mainly using ATMs are twice as likely as in-person banking members to choose a CU as their primary bank for self-service banking.\nData shows a correlation between how consumers most often access financial services and their interest in self-service banking convenience. While 18% of CU members who prefer using ATMs say self-service banking convenience is important when choosing to use a CU as their primary FI, just 9.1% of CU members who prefer in-person banking say the same. CUs wanting to reduce churn and attract new members need to focus their innovation efforts on providing self-service banking.\nLack of familiarity and restrictive credit offerings deter many younger consumers from joining CUs.\nBetter marketing may be necessary to convince the many non-CU members to join a CU. For example, millennials are the most likely to say unfamiliarity with CUs is a reason for not becoming a member. Gen Z is more likely to cite restrictive credit offerings as a reason for not choosing a CU.\nCUs need a multipronged approach to attracting new members while retaining current ones. Ongoing self-service banking innovation can help CUs engage Gen Z members today and into the future. However, they cannot neglect user experience, marketing and lending criteria. Download the report to learn how leading CUs are innovating to attract digital-first consumers.\nThe post New Data: Self-Service Innovation Emerges as Key to Credit Union Retention and Growth appeared first on PYMNTS.com.", "date_published": "2024-07-10T04:02:53-04:00", "date_modified": "2024-08-14T16:17:17-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/digital-banking-innovation-credit-unions.jpg", "tags": [ "banking", "banking innovation", "Credit Unions", "CUs", "Digital Banking", "digital first banking", "digital innovation", "Featured News", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "self-service banking", "Velera" ] }, { "id": "https://www.pymnts.com/?p=1968375", "url": "https://www.pymnts.com/credit-unions/2024/velera-launches-project-management-platform-credit-unions/", "title": "Velera Launches Project Management Platform for Credit Unions", "content_html": "Credit union service organization Velera is rolling out a new onboarding and project management platform.
\nFormerly 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.
\nThe new Project Management Page is powered by ServiceNow and can be found in Velera\u2019s 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.
\nVelera President and CEO Chuck Fagan said in the release that the \u201coffering will transform the marketplace.\u201d
\n\u201cTo 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,\u201d he added in the release.
\nCredit unions are increasingly seeking new ways to attract and retain customers. The PYMNTS Intelligence report \u201cHow Credit Union Innovation Can Drive Gen Z Engagement\u201d 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.
\nMore 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.
\nHowever, 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.
\nVelera 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.
\nThe post Velera Launches Project Management Platform for Credit Unions appeared first on PYMNTS.com.
\n", "content_text": "Credit union service organization Velera is rolling out a new onboarding and project management platform.\nFormerly 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.\nThe new Project Management Page is powered by ServiceNow and can be found in Velera\u2019s 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.\nVelera President and CEO Chuck Fagan said in the release that the \u201coffering will transform the marketplace.\u201d\n\u201cTo 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,\u201d he added in the release.\nCredit unions are increasingly seeking new ways to attract and retain customers. The PYMNTS Intelligence report \u201cHow Credit Union Innovation Can Drive Gen Z Engagement\u201d 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.\nMore 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.\nHowever, 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.\nVelera 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.\nThe post Velera Launches Project Management Platform for Credit Unions appeared first on PYMNTS.com.", "date_published": "2024-06-27T14:47:19-04:00", "date_modified": "2024-06-27T14:47:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Velera.jpg", "tags": [ "artificial intelligence", "Credit Unions", "Digital Onboarding", "GenAI", "Innovation", "News", "PYMNTS News", "ServiceNow", "Technology", "Velera", "What's Hot" ] } ] }