As the payments ecosystem continues to evolve, credit unions are embracing innovation and partnerships to meet growing member expectations, particularly in digital experiences and personalized engagement. During the May CU Times PRO webcast, Michigan State University Federal Credit Union’s Chief Digital Strategy and Innovation Officer Ben Maxim and Prizeout Head Payments Strategist Matt Denham discussed how member behavior is reshaping payments, and how credit unions can respond.
Maxim said credit unions must navigate a wide range of preferences, from members still using telephone banking to digital-native Gen Z consumers who consider Venmo their primary financial tool. “There's a lot of pressure to do things through non-card transactions,” Maxim noted, highlighting the appeal of pay-by-bank and fintech-integrated solutions like Prizeout, now used by thousands of MSUFCU members.
Denham emphasized that members want two things above all: Control and flexibility. “It’s about letting them choose how they pay, whether it’s through mobile, debit or new platforms,” he said. He added that embedded finance is evolving from being placed “where members expect to see it” to meeting them in unexpected but convenient places, like conversational AI platforms.
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Both speakers agreed that cash-back rewards outperform point-based systems in member satisfaction. “Ninety-eight percent of members we surveyed preferred cash,” Denham said. Maxim echoed the sentiment, stating, “Give members actual value — real dollars back — and they respond.”
The speakers stressed that credit unions don’t need to be first movers but must remain proactive. “Payments are engagement,” Denham said. “Owning that moment is how you build loyalty.”
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
