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.
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Category: Mobile Banking
5 Common Mobile UI/UX Mistakes in Credit Union Apps (with Examples)
Have you heard of the Dunning-Kruger Effect? It describes a tendency for people to misevaluate their own knowledge or competence on a subject. Experts underestimate themselves—and for laypersons to assume they know way more than they do.
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CU 2.0 Podcast 39: Futurist Chris Skinner
Welcome to episode 39 of the CU 2.0 Podcast. Today is all about the future of Credit Union digital banking.
Consumers don’t want a digital bank. They want digital banking. That’s a building block belief of futurist-blogger Chris Skinner who has become a regular on the conference speaking circuit.
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CU 2.0 Fintech Friday: PayByCar
It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Pay By Car to discuss all things credit union, fintech, and digital innovation.
PayByCar is a payment system that streamlines purchases made in and from cars. Instead of going through the often-clunky process of handing a debit or credit card back and forth between driver and cashier.
In-vehicle purchases exceed $200bn yearly. From toll roads to car washes, drive-through coffee stands to fast food restaurants, paying on the go accounts for a significant portion of daily purchases. If you can imagine paying at the pump with an E-Z Pass, then you’re on the right track to understanding PayByCar.
PayByCar allows people to forego the usual card- or phone-based transaction. PayByCar transponders reduce in-vehicle transaction times by eliminating the need of a middleman.
Credit unions who wish to partner with PayByCar can offer their members a simple, easy payment system for in-vehicle transactions. In-vehicle payment systems are a growing technology with increasing demand. Giving members an in-vehicle payment option can reduce their transactional friction and increase their appreciation for their credit union’s services.
If this sounds like an intriguing credit union–fintech partnership, check out the video and PayByCar snapshot below!
Credit Union Fintech Snapshot: PayByCar
Top 3 Problems Solved
- In-vehicle payments
- In-vehicle transaction times
- Drive-through sales
PayByCar Founder: Kevin Condon
PayByCar Market Strategy
Credit Unions and individual drivers.
Credit Union Fintech: PayByCar in the News
PayByCar simplifies in-vehicle payments
PayByCar partners with E-Z Pass
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.
CU 2.0 Podcast: Series 15 – Cathie Mahon CEO of Inclusiv, the association of community development CUs
It’s the Credit Union podcast! CU 2.0 is excited to bring you the fifteenth in a series of credit union podcasts from Robert McGarvey. Welcome to the CU 2.0 Podcast, regular interviews with credit union leaders, thinkers, movers, shakers and more.
Talk to Cathie Mahon and it’s a fast ride into what mission makes a credit union special, distinctive and in her mind, the answer is clear: serving the underserved and usually that means economically disadvantaged.
She has tantalizing insights too. For instance: she tells why the business model of community development credit unions may, in fact, be primed for greater success than the model followed by most credit unions.
She also tells how the NCUA handcuffs newly chartered credit unions and this may set some up for failure.
And she has advice on designing a mobile banking app that betters serves the economically disadvantaged.
Listen up, it’s a good podcast that just may persuade some struggling conventional credit unions to investigate tweaking their business model and to embrace more community development outreach.
Click the photo below to listen now!
