CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » SPONSORED BY Jack Henry & Associates
Sponsored Content
Sponsored Content

Navigating the new competitive landscape to overcome revenue and growth challenges

Overcoming industry-wide revenue challenges.

November 7, 2022
Jack Henry™
No Comments
2022_11_JH_Sponsored

If your credit union is finding it challenging to achieve previous levels of revenue and growth, much less see meaningful increases, you are not alone. Most credit unions are challenged to do so based on an array of industry-wide headwinds—factors that significantly impact key revenue sources like interchange income, interest income, and non-interest income. The new and fierce competitive landscape is a fundamental contributor to these difficulties, with fintechs and big techs developing alternative solutions that disenfranchise credit unions and the revenue sources they could once count on.

Why is revenue under siege today?

Many of these innovators are now reinventing channels like business payments, income payments, and point-of-sale. Others are leveraging their brand equity and loyalty to further disenfranchise credit unions by offering traditional financial services like deposits, loans, and cards—often with better digital experiences—to accomplish their ultimate goal of replacing financial institutions as the primary providers of financial services.

Content Sponsored By:

jack henry

What makes the stakes so high?

Digital reinvention has also expanded your competition well beyond comfortable, physical markets. Consumers and businesses can now open new accounts or apply for loans in minutes with a credit union down the street, a bank across the country, or a fintech or big tech that is only an app away.

Banking as a Service (BaaS) also threatens traditional banking, since it will enable virtually any company in any industry to embed financial services into its consumer experience.

And compounding these challenges even more, credit unions are facing ongoing, increasingly complex financial management.

How your credit union can overcome industry-wide revenue challenges

Technology has driven many of today’s revenue challenges. But technology can also be the solution for forward-thinking credit unions. There are two crucial steps you can take to overcome revenue roadblocks.

First, embrace open banking and the need to become a platform. An open platform approach leverages APIs and provides absolute discretion over who you partner with, what solutions you integrate, and when you integrate them. Second, pick your platform partners wisely. With open banking widely considered to be the future of the financial services industry, if a potential partner can’t clearly demonstrate its open strategy, it lacks the future-ready vision you truly need.

People-inspired innovation

Jack Henry™ offers timely resources, innovative technology solutions, and other valuable insights that can help your credit union overcome near- and long-term revenue challenges while meeting the needs of your members—and the communities you serve. To learn more, visit jackhenry.com today.

KEYWORDS innovation revenue technology

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Which mascots deserve a spot in the championship?

  • CUNA Mascot Madness: See the West winner and vote for the South champ

  • CFPB releases section 1071 small business lending final rule

Tweets by CUNA_News

Polls

Mascot Madness: Semifinal 1

Mascot Madness: Semifinal 2

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us