Search
 

CU Tech Hub

Expert Opinion

The Race to Faster Payments & How Credit Unions Can Win

Reflect on who your members are, what they need and what they are trying to achieve with faster payments.

By Abhishek Veeraghanta | May 16, 2022 at 09:00 AM
new technology for faster payments. Source: Shutterstock.

Over the last decade, the financial services industry has changed considerably as community banks and credit unions evolve their product offerings to keep up with consumer expectations. The faster payments movement is the latest example of this.

In the current economic climate, having access to funds in real-time is now more important than ever, both for consumers and small and medium-sized enterprises. According to a recent survey of 2,010 U.S. businesses by the Federal Reserve, 90% expect to use faster payments in their operations by 2023, and many are ready for that upgrade now. Meanwhile, 30% of consumers say access to real-time payments is a key factor when selecting a financial institution and nearly 25%  would be willing to switch to an institution that offers them, according to new research from PYMNTS.com.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.