The trend: Credit unions—especially smaller ones—are rapidly advancing their digital capabilities. Small credit unions have drastically reduced their innovation lag rate in just the past year, per a November 2024 PYMNTS Intelligence study of credit union executives.

How we got here: Many credit unions are collaborating with fintech firms, core banking providers, or payment technology companies to boost their digital innovation. According to the PYMNTS report:

• The number of credit unions with $500 million–$1 billion in assets that have adopted real-time payments increased by 83% between November 2023 and November 2024.