Credit Unions Dip Toes in RTPs, Crypto

With 2022 well underway, credit unions are finding the need to introduce competitive products and services is stronger than ever – and that collaborative partnerships are a key to success when launching a new offering.

A new report from consulting firm Cornerstone Advisors, “What’s Going On in Banking 2022: Rebounding From the Revenue Recession,” outlined a number of U.S. community financial institutions’ priorities for this year, among them real-time payments (RTPs) and cryptocurrency services. Cornerstone based its report on a December 2021 survey of 300 senior executives at mid-sized financial institutions, 55% of whom were from banks and 45% from credit unions. While very different in terms of their end goals and implementation processes, both RTPs and cryptocurrency represent areas where credit unions are just beginning to test the waters – often with plenty of help from third parties.

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