Fintechs powered 49% of personal loans in 2019. With the rise of Buy Now, Pay Later (BNPL) and Earned Wage Access (EWA), that number has certainly increased.
Typically, Buy Now, Pay Later (BNPL) is an option that allows consumers to make installment payments on purchases over $100. There’s a quickly growing demand for it.
Nobody wants to fend off calls from collectors. Not only are those phone calls notoriously ineffective, but they also seriously annoy consumers… and often damaging their relationships to associated institutions.
Credit unions used to differentiate through the member experience. When members walked into the branch, they were greeted by name with a smile. They got the best rates and terms.
In the credit union industry, everything should come back to serving members. If you’re not doing that, then what’s the point?