Firefighter Credit Union Newsroom

A new YouGov study indicates only one-third of consumers expect to have enough money saved for retirement by age 65, and virtually no one is confident about their plans once they stop working. Aaron Passman PERCENTAGE OF AMERICANS’ ANNUAL INCOME SAVED FOR RETIREMENT FOR U.S. CONSUMERS © Callahan & Associates | CreditUnions.com With retirement preparation so varied across different age groups, credit unions have plenty of opportunity to assist members of all ages with retirement-planning services. SOURCE: YouGov’s 2024 retirement report. Americans want to retire by age 65 — if not sooner. Unfortunately, a majority lack the savings to do so, and a substantial percentage aren’t confident about their financial security once they stop working, according to a 2024 report from YouGov. The average cred

  Research by MX reports that consumer expectations for your banking app just keep getting higher. And dissatisfied users will likely jump to another app (and another bank) that ticks more boxes. How can you stay ahead in the app game? Mobile banking apps have become table stakes for banks and credit unions, especially among Millennials and Generation Z. Research from MX earlier this year indicated that a decent mobile banking app is a must-have for nearly one in four consumers starting a relationship with a financial institution. MX research also shows that 80% of consumers have a payment app, such as Venmo, PayPal or Cash App on their phone. In addition, 77% have a bank or credit union mobile banking app, 48% have a credit card app, 25% an investment or retirement savings app, and 17% an independent app to help manage their finances. Nearly half maintain three or more financial apps on their devices. Now a new round of MX research indicates that the quality of the mobi

As we enter the fourth quarter, many credit union leaders are starting to turn their attention toward planning for 2025. With a myriad of options and new technology, it’s crucial to prioritize services that set credit unions apart while encouraging growth. In this article, we explore several key areas credit unions should consider when preparing their budgets for the coming year. Expanding membership One significant trend shaping the financial landscape is the exodus of big banks from rural communities . This presents a golden opportunity to expand membership to new communities. However, this expansion doesn’t necessarily require traditional brick-and-mortar branches. Credit unions can leverage technology to provide services efficiently and cost-effectively. Some alternative service delivery methods include: Interactive Teller Machines (ITMs) : These advanced ATMs allow members to interact with a live teller via video, providing a personal touc

ARLINGTON, Va.— A new report suggests more consumers are turning to fintech apps rather than financial advisors to manage their money, and that the trend will only increase as artificial intelligence becomes more mainstream. “Fintech apps have simplified financial management and their capabilities are expected to be amplified with AI,” Capterra stated in releasing its analysis. According to  Capterra’s 2023 Fintech Survey  of more than 870 consumer fintech users, 60% of respondents now seek advice from personal finance tools before reaching out to financial professionals. Furthermore, 64% of fintech users feel that these tools have significantly reduced their reliance on financial advisors, Capterra said. Rapid Advance “Fintech has rapidly advanced within the last few years, changing how traditional financial services are offered and how consumers manage their finances,” Max Lillard, senior finance analyst at Capterra, said in a statement. “While fintech won’t make adviso

September 23, 2024 by Crystina Duran , Envisant Share Share Share Experts are predicting the prepaid card market will be valued at more than $10.5 trillion globally by 2027 as usage continues to increase ( World Metrics ). This data reveals the ongoing relevance of prepaid cards and points to their increasing value as part of a credit union’s portfolio. Prepaid cards hold a strong position in financial wellness and inclusion that makes them ideal for building trust, growing a credit union’s market, and strengthening member relationships while diversifying revenue streams. Grow member trust while supporting financial wellness Prepaid cards are well-known as valuable tools that su