Scale is a competitive advantage, especially in today's market. With M&A activity expected to rise in 2024, which will shake up the market, and the growing reliance on digital channels among members, credit unions must remain strategic about their technology and innovation plans. PSCU executive, Scott Young explores this and other trends in a recent PYMNTS article. In it, he encourages credit unions to map out their member journeys to examine where there is friction or pain points that can be solved through innovation. “If a credit union can innovate and grow organic product penetration while having those digital tools ready to attract net new members — that’s a recipe for sustainability. Now is not the time to slow down or stop the pursuit of innovation,” says Young. Check out the full article here: https://lnkd.in/g8EUDdNu #CreditUnions #Innovation
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Wishing you the happiest of holidays from VSoft! We are grateful for our clients, employees and our partners, and we are proud of what we accomplished together in 2023. Our team looks forward to serving you in 2024, and we can't wait to see what this new year will bring. #HappyHolidays
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Looking to market your bank's business offerings to attract more corporate clients in the year ahead? A recent article published in ABA Banking Journal outlines several recommended strategies that can help banks find marketing success. Discover what tactics can power your corporate customer acquisition strategy and which pitfalls to watch out for by reading the full story: https://lnkd.in/gaZ6w6N8 #BankMarketing #CustomerAcquisition
Seven marketing strategies to help banks attract business customers | ABA Banking Journal
https://bankingjournal.aba.com
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The Federal Reserve’s FedNow program has unlocked access to more payment methods than ever before, including The Clearing House’s Real-Time Payments network, allowing credit unions to make real-time payments a seamless part of the mobile banking experience. VSoft's Chairman and CEO, Murthy Veeraghanta, is featured in Finopotamus's Holiday IT Wish List where he shares his wishes for the credit union industry in 2024 and explains the important role mobile banking apps will play in the adoption of instant payments. Check it out! https://lnkd.in/eZqwsWB9
Holiday IT Wish List for 2024 - Part Two
finopotamus.com
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What are the top fintech and payments trends for 2024? There's no shortage of innovation on deck for the year ahead and Juniper Research highlights a few areas to watch, including account-to-account payments, digital identities, biometric payments and more. AI continues to gain traction as well, and in 2024 it could present notable benefits for financial institutions. See more insights and predictions for 2024 here: https://lnkd.in/dtMRpC-M #Banking #2024Trends
Top 2024 Trends in Fintech & Payments: A2A, Digital Currencies, Digital Identities
thefinancialbrand.com
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The question on every banker's mind: what will 2024 bring for my financial institution? Leading analyst firm, Forrester answers this question in its "Predictions 2024: Banking Report." From ChatGPT to open banking, next year will undoubtedly present new developments in the finance space. Yet, could 2024 finally be the year that's uneventful compared to the last few years? To be determined...but in the meantime, check out Forrester's blog about their latest predictions report here: https://lnkd.in/dpMADy9Z #2024 #BankingPredictions
Predictions 2024: Banks Face A Boring, Yet Dangerous, Year Ahead
https://www.forrester.com
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Payments security is crucial in an always-on, digital-first world. But where do today's consumers feel the need for enhanced security? Subscriptions. Did you know? A recent report from PYMNTS found that 4 in 10 millennials use retail subscriptions for everyday purchases. Meanwhile, more than a quarter of consumers want their financial institution to improve their security measures. This means that banks can't forget that today's generation of consumers routinely transact with businesses through subscription programs and finding ways to bolster the security of these transactions can drive loyalty. See the full findings of the report and the implications they pose to the finance industry here: https://lnkd.in/gUzHPc3D #Payments #Security
Millennials Want Payments Security in Their Retail Subscriptions
https://www.pymnts.com
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In a recent article by BankBeat, consumers are shifting to online banking as it becomes more popular among younger adults. 60% of adults use mobile apps to make their payments or transfer money, up from 34% four years ago. See how these trends are changing and more here: https://lnkd.in/g74cD_p5 #Fintech
More consumers shifting to online banking - BankBeat
https://bankbeat.biz
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Banks are bearing the brunt of check fraud losses. In fact, Regions Financial experienced operational losses to check fraud totaling $135 million between April and September this year. Since the Covid-19 pandemic, check fraud has only gotten worse and losses were particularly high from 2021 to 2022. Many banks are now having to prioritize measures to mitigate check fraud, even as other digital transaction methods grow in popularity. Get the full story in American Banker: https://lnkd.in/dWF52qur #CheckFraud #FraudPrevention
Check fraud leads to big Q3 charge at Regions Financial
americanbanker.com
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It doesn't look like digital is going out of style anytime soon! In Truist's last earnings call, the bank reported that digital transactions now account for more than 60% of total bank transactions. Truist isn't the only bank seeing digital adoption grow. JPMorgan saw its active mobile customers increase by 9% last year. As digital banking grows in popularity, more financial institutions are putting money towards this technological shift. Learn more about this trend here: https://lnkd.in/daDZWgTJ #DigitalBanking #DigitalEngagement
Truist: 60% of Transactions Are Now Digital
pymnts.com