Why United Financial dropped the fintech that managed its rewards

This article dives into how credit unions are entering the credit card rewards space to stay competitive with large banks. It explains that moving away from third-party providers allows credit unions to regain control over the member experience and their data, enabling more seamless, in-app engagement and more personalized, locally relevant rewards. The piece also underscores that while credit unions face scale disadvantages, offering compelling, integrated rewards programs is essential to retaining members, driving revenue, and meeting high consumer expectations.

Prizeout POV: This piece highlights a core challenge credit unions have faced for years – outsourcing critical programs like credit cards often comes at the expense of control, data ownership, and ultimately the member experience. When rewards and card programs live outside of digital banking, it creates fragmentation that weakens engagement and limits a credit union’s ability to truly serve its members. The shift back toward embedded, in-house experiences isn’t just about technology, it’s about reclaiming the relationship. By bringing rewards, payments, and offers directly into the digital banking environment, credit unions can deliver a more seamless, personalized experience while unlocking new revenue streams and deeper loyalty.

Read the full article here