Posts By: Denise Wymore

PSCU – Year-over-Year Transaction Trends Update (51st and 52nd Weeks)

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. Our 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 both the 51st and 52nd weeks of the year (the weeks ending Dec. 20 and Dec. 27, 2020 compared to the weeks ending Dec. 22 and Dec. 29, 2019).

“The 2020 holiday season ended with impressive year-over-year card payment growth,” said Glynn Frechette, SVP, Advisors Plus at PSCU. “While card payment volume softened for credit and debit in Week 51, both finished stronger in Week 52. In this week’s deeper dive, we saw a rise in Card Present activity across the Goods sector, as shipping delays and last-minute holiday purchases likely led to an uptick of in-store transactions.… Read more

Cooperatives combine resources as Growing Oaks FCU launches

CU*Answers, the 100% credit union-owned cooperative based in Grand Rapids, Michigan, announced that Growing Oaks Federal Credit Union, based in Goldsby, Oklahoma, began processing for members on December 8th by utilizing the CUSO’s CU*BASE core data processing tools. Growing Oaks FCU became the latest start-up credit union to launch with behind the scenes help from CU*Answers.

Scott Collins, Executive Vice President of National Sales and Marketplace Relationships at CU*Answers, noted: “The Growing Oaks launch is the culmination of a tremendous effort between our two organizations. The board and staff of the credit union have been preparing for this moment for three years, and our congratulations go out to everyone for their perseverance throughout that process. We look forward to working side-by-side with Pam (CEO Pam Greening) and her team as they bring a new banking alternative to their community.”

Collins added that Growing Oaks is the only charter issued by the NCUA in 2020.… Read more

WSSC FCU embraces the eSign culture

WSSC Federal Credit Union (WSSC FCU), based in Laurel, MD, has recently experienced an abrupt operational shift. Like many credit unions, WSSC FCU traditionally relied on paper processes when interacting with their members. With branch activity almost non-existent this year because of the pandemic, the credit union looked for an electronic method to connect. They chose to leverage eDOC Innovations’ eDOCSignature solution as a way to implement eSign for their members.

Jeff Goff, CEO at WSSC FCU, expanded on the internal changes: “I was just thinking that I can no longer remember what life was like before we started using eDOC’s eDOCSignature service. eDOC’s platform allowed us to switch our paper processes to electronic with minimal staff effort or downtime. Our members also love the ease of use of the software. Even if they need help initially, by the end of their transaction, they are sold on the eSign experience. Another bonus is my staff and board love it too.… Read more

PSCU – Year-over-Year Transaction Trends Update (50th 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. Our 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 50th week of the year (the week ending December 13, 2020 compared to the week ending December 15, 2019).

“While card payment volume growth rates softened for both debit and credit in Week 50, debit spend remains well above last year’s performance,” said Glynn Frechette, SVP, Advisors Plus at PSCU. “Green Monday – the last day to safely order gifts online via free shipping for arrival before Christmas – yielded significant year-over-year increases in the Goods sector for both debit and credit purchases, further supporting the continued surge in online shopping and Card Not Present activity.… Read more

NACUSO Next Big Idea winner NetGiver brings attention to innovations in charitable giving

DNT BLNK announces they’ve won a Minnesota Technology Association 2020 Tekne Award. The DNT BLNK founded NetGiver (www.netgiverapp) has been recognized in the Financial Services category. NetGiver supports users in making a fee-free donation to any 501(c)(3) charity, directly from the user’s account to the charity. No middlemen, no bottleneck, no fees. NetGiver also won the 2020 NACUSO Network’s Big Idea Competition.

“It used to be when you wrote a check to a nonprofit for $100, the nonprofit got the full $100. Today however, with credit and debit cards as our primary way of giving, charities now incur fees they never used to when donations were made with cash and check,” said Eric Berg, DNT BLNK’s Founder/CEO, and Co-founder of NetGiver. “It is an honor for DNT BLNK and NetGiver to be recognized with a Tekne Award this year.”

For the past 23 years, the Tekne Awards have highlighted the new and exciting ways technology developed by Minnesota companies is impacting our community and the world.

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