Embedded finance sits high on nearly every emerging technology trend list. If you’re not sure what it’s about, you’re certainly not alone.
Embedded financial solutions are one of those things that you’ve probably experienced without giving it any thought. In fact, a December 2021 poll by Morning Consult concluded that only 11% of U.S. adults are familiar with embedded finance, while nearly one-third of that population has unknowingly used or experienced it.Read More
Headline results from a recent payment survey caught my eye. The report indicated that 99% of credit union respondents offer real-time payments to their members. This comes from the April 2022 Credit Union Innovation Playbook, released in collaboration by PYMNTS and PSCU. Granted, only 101 credit unions participated in the survey. Even so, 77% stated they offer real-time payments to all members and 22% offer real-time payments to some of their members. That means only one survey respondent does not offer real-time payments!Read More
When’s the last time you took a good look at your credit union’s non-interest income? Do you know how much credit and debit card interchange income your credit union earns each month? National statistics show that interchange fee income ranges from 50-67% of the total non-interest income for credit unions. That’s a meaningful slice of total income. Interchange income may well be the difference between profitability and loss for many credit unions.Read More
We all know that the pandemic was a catalyst for the widespread adoption of digital delivery of services. Consumers were forced to use technology to conduct business – purchasing goods online rather than in person, using mobile applications like UberEats and Instacart, and paying for purchases by card or touch-free app. All consumer-driven industries had to quickly adapt to the new environment.Read More
“Non-bank financial institutions,” or NBFIs for short, are organizations without banking licenses that offer various banking services. This is a clunky way of making something familiar sound foreign or abstract. If this definition isn’t quite clicking, fear not. I bet you’re more likely to recognize an NBFI by its brand name than the generic term.Read More
Everyone’s heard of cryptocurrency, but its nuances remain murky – if not downright confusing – to many consumers. What is it exactly? How does it work? Why is it controversial? And volatile? Why are some countries naming it their national currency (i.e., El Salvador). So, let’s start at the beginning, shall we?Read More
If you’re an avid online shopper, the odds say you’ve seen or perhaps even used a BNPL service. BNPL stands for “Buy Now, Pay Later.” While this slogan might not ring any bells, the third-party platforms themselves might. Affirm, Afterpay, Klarna and even PayPal are among the most popular BNPL providers in the retail space.Read More