Increased efficiency, security, and speed. These are the primary benefits credit unions could realize by developing a network based on blockchain. Rich Meade, CUNA chief operating officer, presented the possibilities for credit unions at America’s Credit Union Conference Wednesday.
Credit unions are the original financial services disrupters. And they are the original cooperative cooperators. Those two essential traits of their DNA make them the perfect business model to shake up financial services again by moving squarely into the innovative blockchain or "shared ledger" model of transactions.
Despite the serious consequences for small-business owners if they don't follow new rules that take effect this fall for credit cards, only 32% of owners are aware of the pending changes, according to the latest Wells Fargo/Gallup Small Business Index.
When members log into their mobile accounts, they are checking their balances the majority of the time, a task they are doing almost every day in some cases, according to Malauzai Software’s Monkey Insight’s report.