PSCU releases third annual Eye on Payments study focusing on shifts in consumer payment preferences
PSCU has announced the release of its annual Eye on Payments study. For the third year in a row, the nation’s premier payments CUSO set out to gauge payment preferences among credit union members and other financial institution customers (“non-members”) and how they evolved over the past year. Through this annual research, PSCU explores the factors that influence consumers when it comes to their choice and usage of different payment methods, how these factors may vary among different life stages and economic events, and how credit unions can better serve their members and optimize their offerings to adapt to these evolving preferences and needs.
Virtually no aspect of the economy has remained untouched by COVID-19, and the payments industry is no different. The majority of respondents in the Eye on Payments study reported they make decisions about how they will pay for something primarily based on which payment option is the most physically safe at the point of sale. In line with this finding, the number of survey respondents – credit union members in particular – who say they shop online at least a few times a week increased significantly. Respondents also reported increased usage of mobile apps and online platforms to order ahead for grocery or food pick-up or delivery, with most respondents indicating they expect to continue using these channels post-pandemic, signifying long-term behavioral impacts.
“While we knew the pandemic was certainly impacting consumer payment needs and behaviors, our Eye on Payments study showed just how ubiquitous the impact was across all demographics and purchasing situations,” said Tom Pierce, chief marketing officer at PSCU. “This year’s study also revealed a significant increase in penetration and usage of contactless cards, likely driven by consumers’ desire for ‘clean’ forms of payments that limit human contact. In line with that impact, we also saw an increase in mobile wallet usage and digital banking.”
Continue reading COVID-19 Drives Surge in Digital Adoption in 2020
CU*Answers announced that $73M Columbus United Federal Credit Union (Columbus, Nebraska) recently signed a contract to change its existing core data processing platform to the CU*Answers CU*BASE® system, the CUSO’s flagship solution. Over 7,800 Columbus United FCU members will be converted in September 2021.
Columbus United FCU CEO Brian Christensen said: “Columbus United is excited for the future having picked who we think is the best core processor for value, functionality, and support. Having employed an outside consultant in our search for a new core processor, Columbus United vetted three providers including CU*Answers who made the cut from the start. After on-site visits and follow up calls thereafter, it was apparent that CU*Answers’ product matched our needs and would be supported by a culture of customer/member service that we were seeking. The transparency of their operations, the robust functionality, the built in reporting capabilities and extensive training resources were all things that helped make Columbus United’s decision easier, not to mention the affordability which provided the right fit for us. All around, we have great expectations knowing that we could not have chosen a better partner for the future of the credit union, and we look forward to working with their great staff.”
“We’re incredibly excited to have Columbus United Federal Credit Union join our network of credit unions,” added Scott Collins, CU*Answers executive vice president of national sales and marketplace relations. “As a cooperative, we understand that what has fostered our CUSO’s growth has not just been the products and services we’ve offered over the years, but the participation and engagement of our customers and owners. We thrive together, and as our firm celebrates its 50th anniversary in 2020, we’re confident it’s precisely through that cooperation and shared vision that we’ll continue for 50 more years.”
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.
In late February, CU*Answers, Inc., the Grand Rapids, Michigan-based cooperative CUSO, and MY CU Services, the payment and technology CUSO of Vizo Financial, launched their sales partnership to the marketplace, and in seven short months they have secured core data processing contracts from 40 credit unions. These credit unions will be converting to the CU*Answers CU*BASE® core over the next 16 months.
Rodney May, chief engagement officer for MY CU Services commented, “Credit unions have been incredibly supportive of our partnership with CU*Answers, and it shows with 40 contracts to join the CU*BASE core solution. Over the past year, we’ve worked really hard to create a combination of trust, cooperation and exceptional service among our credit unions, and it’s very exciting to us that they chose to pursue the path of collaboration along with us as part of our core membership.”
Scott Collins, EVP of National Sales and Marketplace Relationships for CU*Answers said, “We had a good feeling that our new partnership with MY CU Services would hit the ground running in a big way, and securing 40 core conversion contracts together validates that this is going to be a special partnership indeed. While the pandemic tossed us a couple scheduling curve balls, we are proud of the perseverance of not only our teammates at MY CU Services, but also their clients that were doing due diligence. We are humbled that CU*BASE has been selected and we are pleased to bring our broad and deep tool set, as well as the shared execution resources we have within our network, to bear for both the credit union teams and their members.”
Continue reading CUSO partners announce their 40th signing since March
CU*Answers, a Michigan-based credit union service organization, has joined the CU Evolution Solutions Network. The partnership is designed to make it easier for small credit unions to evolve their core data processing capabilities for the digital, self-service era. CU*Answers will begin offering credit union-specific solutions to CU Evolution’s clients immediately.
According to CU Evolution CEO Howard Bufe, making a change in core data processing partners is among the most complex decisions a small credit union has to make. “It’s difficult enough to make the decision to pivot away from a long-time processing partner, let alone to find one that meets each of a small credit union partner’s needs. CU*Answers is the kind of cooperative-based provider that is not only willing, but excited, to work with small credit unions. We’ve been very impressed with their knowledge of the unique challenges faced by small cooperatives, as well as their ability to turn those challenges into opportunities to grow, increase revenue and enhance the member experience.”
The alliance with CU*Answers is part of CU Evolution’s plan to expand its resource base, which enables credit unions to bring new, revenue-producing solutions to market quickly and without the typical complexities. In late September, the CUSO announced the addition of insurance providers, and Bufe expects to add several additional providers over the next 12 months.
Continue reading CU*Answers joins CU Evolution Solution Network to simplify small credit union access to powerful processing solutions