CUs Keep Customers By Updating Technology

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Credit Union News

Tech Advancement Spurs CU Innovation

Credit unions must prioritize innovation, as a joint study by PYMNTS and PSCU reveals that over 25% of members would switch providers for better banking innovations. Key areas highlighted in the report include mobile banking, digital lending, and instant card replacement, while user authentication remains critical in the digital age. The more advanced and frictionless payments get, the more effort is needed to ensure users are properly authenticated.

PSCU executive Scott Young said:

“Soft Landing” Ahead Thanks to Strong Labor Market

CUNA Senior Economist Ligia Vado provides an economic update on the labor market, noting the strength of job additions, stable disposable income, and elevated wages. The June 2023 report suggests a soft landing scenario for contracting monetary policy and emphasizes the positive impact of a robust labor market on economic growth. Residual effects from pandemic lockdowns, such as lower labor force participation, continue.

AI & Blockchain

IRS Investigates Kraken User Info

A judge has ruled that the Internal Revenue Service (IRS) may be privy to the personal information of cryptocurrency traders who engaged in $20,000 or more in annual trading on the Kraken exchange from 2016-2020. The IRS is currently investigating underreported tax liabilities. Kraken must provide the IRS with information on over 59,000 accounts and turn over 160 million transaction records, even after the court limited the IRS's requests, stating they were broader than necessary. The ruling highlights increased regulatory scrutiny faced by the crypto industry.

Ramp Acquires Cohere, Enhances AI-Powered Customer Support

Finance automation firm Ramp has acquired customer support platform Cohere, known for its use of generative AI and large language models. Cohere's technology helped automate ticket resolution with around 60% accuracy, utilizing unstructured data to extract insights. The acquisition aligns with Ramp's focus on leveraging AI to improve customer workflows and efficiencies in the financial sector.

Ramp CEO Eric Glyman said: