The year 2020 will be remembered as one of the most transformative years on record for most industries, including the credit union industry. While the long-term impact of COVID-19 has been wide-reaching and is still not fully known, one thing is known – the events of the past year have underscored the importance of payments as both a catalyst for member engagement and a critical lifeline for financial wellness.
“Payments cut right to the core of the member relationship,” said Tom Church-Adams, SVP, Pay Products, for CO-OP Financial Services (www.coop.org). “We saw that in the early weeks of the pandemic when financially-struggling members reached out to their financial institutions for interest and fee relief; and now we’re seeing it manifest in the behavioral shifts within our members. Payments have become their lifeline to financial wellness, as well as a means by which we can offer them the safe, secure and frictionless service they’ve come to expect.”… Read more