Tag: Community Banks

Banks and Credit Unions Are Losing to Fintech

Joseariel Gomez

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Both banks and credit unions continue to lose market share to digital lending platforms that offer better user experience and more personalization. 
Fintech startups issued 38% of all US personal loans in 2018, while banks provided 28% and credit unions accounted for 21%, according to TransUnion. This is a significant change from 2013, when fintech startups issued only 5% of US personal loans, banks issued 40%, and credits unions 31%.

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Five Credit Unions Sign with Shastic’s Text Messaging Platform in January to Enhance Lending and Operations

Joseariel Gomez

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Shastic has signed on five new customers in the first month of 2018. The recent growth follows the company’s early launch of Elle, a conversational text messaging platform built for credit unions. Elle is an expansion of their automation services to deliver efficient, real-time message communication between credit unions and their members.

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