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While the credit union industry was already focused on ways to make its services more member friendly, more convenient and easier to use, the COVID-19 pandemic has accelerated that prioritization.
Case in point: Two partnerships were announced this week highlighting that desire for better digital banking solutions in the industry. First, Payrailz, a digital payments company, announced that it has entered into a reseller agreement with Tyfone, a provider of digital banking solutions. According to the release, through this partnership, Tyfone will be a reseller of Payrailz' products and offer the company's full digital payment services to Tyfone customers, which include a number of credit unions.
"In an ever-evolving world of money movement, Tyfone found it necessary to find a new holistic solution for digital payments," Josh DeTar, vice president of sales and marketing at Tyfone, said. "We chose to partner with Payrailz due to their innovative roadmap, close cultural alignment to Tyfone and 'one home for payments' approach to helping users make money move with less friction."
In a second partnership, Glia, a provider of digital customer service, announced that 20 additional credit unions across the U.S. will be using its platform to increase their digital banking services.
Many credit unions still communicate and complete transactions with their members by phone, and members are looking for that ease of use and convenience traditional banks have been developing. This digital-first approach will help improve that overall experience for members, according to Glia.
"We are constantly looking at ways to improve member service in the digital domain to drive loyalty and retention," said Geoffry Gilton, SVP of technology at Service Credit Union, a $4.2 billion financial institution headquartered in Portsmouth, N.H., with additional branches in Massachusetts, North Dakota and Germany. "After a thorough review of our options and an in-depth business case analysis, we selected Glia because of their best-in-class capabilities and seamless user experience. With this technology, we expect to deliver an exceptional experience for both members and employees."
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Heather Nevitt
Heather D. Nevitt is the Editor-in-Chief of Corporate Counsel and Global Leaders in Law.
