two businessmen preparing to run a race Source: Shutterstock

Technology is changing the banking industry rapidly, and smaller institutions are unprepared. But by leveraging their banking charters, working with fintech partners and adopting real-time payments (RTPs), credit unions can cement their claim in the future of financial services.

Credit unions pride themselves on quality member relationships built on financial products that offer better rates and lower fees. Many credit unions are based in rural counties, providing locals with access to credit, liquidity and investments. But credit unions no longer have the finances or technological firepower to compete. The number of credit unions has dwindled from a high of 23,866 in 1969 to just over 5,500 today, thanks to business failures, consolidations and mergers. From 1970 to 2011, there were an estimated 13,000 credit union mergers.

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?

Dig Deeper

 

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.