MidUSA Credit Union in Middletown is the fifth conversion this year to the CU*Answers platform, company says.
The importance of remote banking was not widely understood or accepted in 2008. In just five years, however, the way members interact with their financial institutions has changed as evolving technology has ushered in a new era for financial services.
Since 2010, credit unions offering free checking dropped from 78% to 72%, while it plunged from 65% to 39% at banks.
Forty years ago, Helen Bunn became the manager of Fannie Mae Federal Credit Union. At that time the credit union served less than a 1,000 members and managed assets of just $125,000.
These life stage-appropriate programs target their demographic with incentives, from treasure chest prizes to loan discounts to local merchant coupons.
The partnership between the Fairfax, Va.-based FedComp Inc. and the Boise, Idaho-based Database Management Services Inc. is a demonstration of how two technology vendors can marry their strengths to best serve their clients.
CU*Answers said the $48 million Greater Niles Community Federal Credit Union in Niles, Mich., is now running on technology from the Grand Rapids, Mich., CUSO.
CU*Answers adds Niles, Mich., credit union as core client while Xtend Inc. adds two more credit union owners.
Credit union members are increasingly demanding more online interaction from their institutions. The request is forcing credit unions to adjust websites and self-service portals to accommodate members.