New Data: How COVID-19 Is Driving CUs’ Digital Leap

COVID-19 has closed bank and credit union (CU) branches across the United States, sending the demand for digital banking solutions soaring as consumers hop online to manage their finances from home.

However, CUs are not the only financial institutions (FIs) looking to offer digital banking innovations to their members. Fintechs are also emerging as major CU competitors. Among fintechs that are interested in developing new peer-to-peer (P2P) payment, real-time payment and installment credit products, PYMNTS research shows that half intend to sell those products directly to their end-users.