BALTIMORE — Call this the loud message out of NACHA 2012: Financial institutions can choose to innovate. Or to die. And the pressures are higher on community banks and credit unions for a painful reason.
BALTIMORE — Good news is that consumers like their credit unions; bad news is that they like technology, too, and banks lead there.
Credit unions expecting to profit markedly and gain many new accounts from Bank Transfer Day fallout and Occupy protests will need to drastically step up their technology game, according to a California research firm.
Javelin Strategy & Research founder says credit unions need to offer more Web and mobile products or "go the way of the Oldsmobile."
A research report has further suggested that growth in CU cards might come more from members bringing higher rate card balances to the CUs than from growth in member card use.