Posts By: Denise Wymore

Interra Credit Union Partners with Lumin Digital for Digital Banking Support

Lumin Digital, a PSCU company, announced that Interra Credit Union (Interra) has signed a multi-year commitment for Lumin Digital’s cloud-native platform as the credit union’s digital banking solution for its membership. Interra will have more than 50,000 retail and business users when the credit union launches on the platform, which is slated for May 2021.

Headquartered in Goshen, Ind., and founded in 1932, Interra’s unwavering purpose is to support its community and members with its vision of “Do Well To Do Good™,” which aligns with Interra’s mission to be its members’ most trusted and valued financial resource. The credit union was looking for a partner who was pushing the industry forward in the digital banking space and was focused on constant innovation. Lumin Digital was a perfect solution.

“We chose Lumin Digital because of their new and fresh approach to how internet banking is handled through their innovative cloud-native technology,” said Amy Sink, CEO of Interra.… Read more

PSCU – Year-over-Year Transaction Trends Update (41st Week)

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends. An infographic is also attached.

To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance data trends. In this week’s installment, PSCU compares the 41st week of the year (the week ending October 11, 2020 compared to the week ending October 13, 2019).

  • Card payment volume growth rates continued to show overall strength in Week 41, with debit rising slightly and credit showing continued positive growth.
    • Debit card spend was up 17%, slightly higher than the four-week average of +16.4%. Transactions were up 3.6% and have been positive for 15 consecutive weeks.
    • Credit card spend achieved its sixth consecutive week of positive growth at +3.8%, which is in line with the four-week average of +3.5%.
Read more

CUNA Mutual Group Fortifies Commitment to Digital Expansion By Acquiring CuneXus

CUNA Mutual Group today announced it is expanding its digital capabilities by acquiring CuneXus. The award-winning California-based start-up firm provides financial institutions an all-in-one digital lending platform that offers consumers a quick, easy and personalized online and mobile lending experience. CUNA Mutual Group became an early-stage investor in CuneXus through its venture capital entity, CMFG Ventures, LLC, in January 2017.

“We are continuing our journey into a more diverse, digital-first world,” said Robert N. Trunzo, president and CEO, CUNA Mutual Group. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society. This is a top priority for all our core businesses.”

Trunzo added, “CuneXus is on a strong growth trajectory, and adding their expertise and product solution to our company portfolio allows us to maximize its growth potential and enhance our long-standing efforts to make a brighter financial future accessible to everyone.”… Read more

Members Pivot to Credit as Economic Pressures Increase

CO-OP Financial Services Reports on Consumer Credit and Debit Spending During September

As the pandemic recession continues, consumers are shifting their purchasing behaviors from debit to credit. September transaction data across the CO-OP Credit and Debit portfolios shows that credit purchase activity is picking up after months of depressed volume, while debit spending is beginning to decline.

Credit transaction volume and dollar amounts increased for the month by 16% and 17%, respectively, compared with September 2019. Debit activity showed a more modest uptick over the same period, with transaction counts basically flat year-over-year, and transaction amounts showing a 9% increase.

Here are the category-level spending trends we are seeing for the month of September (data comparing September 1-30, 2020, with September 1-30, 2019):

Online Bookstores (Amazon)
Transaction Volume (#):
Credit: Up 50%. Debit: Up 17%.
Transaction Amount ($):
Credit: Up 59%. Debit: Up 19%.

Airline Travel
Transaction Volume (#):
Credit: Down 64%.… Read more

PSCU – Year-over-Year Transaction Trends Update (40th Week)

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends. An infographic is also attached.

To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance data trends. In this week’s installment, PSCU compares the 40th week of the year (the week ending October 4, 2020 compared to the week ending October 6, 2019).

  • Card payment volume growth rates continued to show overall strength in Week 40, with debit dipping slightly and credit showing continued positive growth.
    • Debit card spend was up 14.6%, slightly lower than the four-week average of +16.3%. Transactions were up 2.3% and have been positive for 14 consecutive weeks.
    • Credit card spend achieved its fifth consecutive week of positive growth at +3.6%, which is higher than the four-week average of +2.8%.
Read more