Today in digital banking, BECU highlights the digital transformation of credit unions. Plus, Visa and UnionBank team up on Visa’s FinTech Fast Track program, and PNC redesigns branch banking.
Visa, UnionBank Collaborate To Offer FinTechs Personalized Payment Gateways
UnionBank of the Philippines is partnering with Visa’s FinTech Fast Track program as a bank identification number (BIN) sponsor that will enable FinTechs in the country to develop personalized payment gateways. The bank is the first company from the Philippines to join Visa’s program as a BIN partner.
Dan Wolbert, country manager for the Philippines, Visa, told BackendNews on Monday (Aug. 30), that the collaboration with UnionBank is intended to help “create relevant payment solutions” by engaging with the country’s “vibrant FinTech community.” One of the main goals of the partnership is to enable money transfers that are both easy and secure.
BECU On The Changing Strategies For Credit Union Branches
Some of the nation’s financial institutions have reported that up to 70% of deposits have moved to self-service channels. Additionally, a survey from late last year found that 55% of customers expect to visit bank branches less, and more than 25% plan to avoid face-to-face interactions.
The global health crisis accelerated digital banking technologies’ adoption, causing many executives to question the future need for branch networks. BECU, founded in 1935 by 18 Boeing employees, is one credit union (CU) that has seen an advantage in opening branches. The Washington-based CU has built 16 new branches since 2016 and has a member base of 1.1 million.
PNC On Redesigning Branch Banking With A Digital-First Approach
PNC Financial Services Group Chairman and CEO William Demchak said one year ago that the diversified financial services institution plans to shutter 280 branches by the end of 2021. The closures represent a 12% decrease from the 2,300 branches PNC operated in 2019. Demchak noted that digital sales must offset the lost revenues for these closures to work for the firm, and the executive said in a virtual conference last fall that the strategy is working well.
The idea of personal service banking remains a priority for the Pittsburgh-based bank. In an interview with PYMNTS, Kevin McCann, PNC’s national territory executive, said the bank has been opening 2,500-square-foot “solution centers” in place of some branches.
Source: pymnts.com