CREDIT UNIONS
WATCH
NOW
This is particularly relevant for credit unions serving the same communities and customer demographics .
“ By working together to source leadingedge core banking systems , credit unions can create more competitive , innovative banking products and services for their members – allowing them to compete with traditional banks and neobanks ,” adds Round .
Capitalising on the big bank retreat Of course , while innovation and digitalisation are supporting credit unions in their bid to match the services of larger incumbents and neobanks , perhaps it ’ s what they aren ’ t doing that is giving them an edge .
As previously mentioned , credit unions are retaining their in-person presence in towns and cities , providing personal services in locations from which banks are withdrawing .
Round calls this an “ opportunity for credit unions to fill the void ” and , so far , they are .
He continues : “ Credit unions are supporting overlooked and underserved communities – and why shouldn ’ t they take advantage of that ?
“ There are many people whose lives still revolve around in-person banking and cash , predominantly the most vulnerable groups in society , such as people on lower incomes , the elderly and rural populations . So , it ’ s vital to ensure people are not locked out
64 March 2024