Road sign that says 'Old ways won't open new doors'.

Embedded Finance: What is it and what does it mean to credit unions?

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.

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Camoflaged giraffe image

Real-Time Payments: What are they really?

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!

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Impact of RTPs on Interchange Fee Income

Interchange Fees: What impact will real-time payments have?

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.

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Digital Delivery Consumer Trend

Digital Delivery: What is driving this consumer trend?

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.

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Crypto Illustration

Cryptocurrency: Will it change the payment landscape?

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?

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Hand holding cellphone with Buy Now Pay Later displayed at checkout cart online.

Buy Now, Pay Later: What impact will this have on payment trends?

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.

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