Credit unions in the competitive landscape

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Note from the editor

Credit unions are experimenting with a number of strategies in 2021 to stay competitive.

Alliant, a digital-only credit union, is scrapping overdraft fees in a move that mirrors several high-profile banks.

Workers Credit Union in Massachusetts is adopting a tech-forward, financial-coaching focus.

And four credit unions have teamed up to launch a neobank that aims to serve low- and moderate-income customers.

Credit unions face their share of challenges, too. The Independent Community Bankers of America is proposing credit unions be charged an "exit fee" when acquiring a bank.

Amid a harsh competitive landscape, credit unions could choose to double down on their strengths. They outpaced banks and online lenders, for example, in small-business customer satisfaction, according to a Federal Reserve survey. 

Banking Dive has collected a number of pieces that lay out some of the burgeoning issues surrounding credit unions' efforts to stay competitive. We hope you find them valuable to better serve your customers' needs.

Dan Ennis Editor

4 credit unions launch neobank aimed at LMI users

• Published Sept. 30, 2021

Digital-only credit union latest institution to scrap overdraft fees

Alliant's move follows a similar one made by Ally Bank, and comes as a growing number of financial institutions are revamping their overdraft policies amid pushback from Democratic lawmakers.

• Published Aug. 5, 2021

Massachusetts credit union blends tech, financial-coaching focus

Workers Credit Union's latest branches feature interactive holograms, video ATMs — and employees aiming to de-stigmatize money.

• Published May 4, 2021

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

• Published March 11, 2021

Navy Federal Credit Union continues branch expansion as banks scale back

"While the self-service capabilities ... work well to meet a lot of [military members'] fundamental needs, there's still ... a need for them to be able to walk into a branch," an executive said.

• Published Feb. 3, 2021

ICBA calls for 'exit fee' on credit union-bank deals

• Published Sept. 3, 2021

Credit unions top Fed survey of small-business lending satisfaction

• Published Feb. 5, 2021

Credit unions in the competitive landscape

Credit unions are experimenting with a number of strategies in 2021 to stay competitive. Amid a crowded landscape, they outpaced banks and online lenders in small-business customer satisfaction and are doubling down on their strengths to get creative.

included in this trendline
  • 4 credit unions launch neobank aimed at LMI users
  • Massachusetts credit union blends tech, financial-coaching focus
  • ICBA calls for 'exit fee' on credit union-bank deals
Our Trendlines go deep on the biggest trends. These special reports, produced by our team of award-winning journalists, help business leaders understand how their industries are changing.
Davide Savenije Editor-in-Chief at Industry Dive.