Cornerstone Financial Credit Union Offers BNPL for Members
The financial landscape is constantly evolving, and as members seek more flexible payment solutions, Cornerstone Financial Credit Union has stepped up to meet those needs. They proudly announced the launch of a Buy Now, Pay Later (BNPL) program designed to support their members' financial flexibility. This innovative service allows users instant access to extra funds while maintaining budgeting discipline.
Leading the Way in Tennessee
Cornerstone Financial Credit Union stands out as a pioneer in Tennessee, being the first credit union in the state to offer a BNPL solution. With assets exceeding $627 million and a membership base of over 48,000, Cornerstone is dedicated to enhancing the banking experience for its members. This new offering is not just about providing immediate cash; it aims to empower members with more financial options.
Working with equipifi for Optimal Service
To ensure top-notch service, Cornerstone has partnered with equipifi, a leading platform for BNPL solutions specifically tailored for financial institutions. This collaboration is aimed at delivering personalized, pre-qualified BNPL offers seamlessly integrated into Cornerstone's online banking system, enhancing members’ digital banking experience.
The Features of BNPL Program
Cornerstone's BNPL program is designed with the user experience in mind. It includes features that allow members access to additional funds before they even begin shopping—in essence, granting pre-purchase power. Additionally, once purchases are made, eligible debit card transactions can be converted into manageable installment loans, giving members greater control over their spending.
Enhancing Member Financial Experiences
In a statement reflecting their commitment to providing valuable services, Donna Young, President of Cornerstone, emphasized the credit union's mission. "Our goal is to deliver competitive offerings and exceptional services to our members, which includes providing them with financial flexibility when needed." Young continued to say that the launch of BNPL with equipifi is a testament to their dedication to supporting members throughout their financial journeys.
The Buy Now, Pay Later Trend in the Financial Sector
BNPL services have gained immense popularity among credit unions across the nation, with over fifty different credit unions now offering similar products. According to data from equipifi, more than 79 percent of members who adopted BNPL solutions continue to utilize them into their second year. In addition, the overall usage of such services has seen a significant increase of 38 percent.
The Growth of BNPL in the U.S.
The trend toward BNPL is expected to grow even further. Industry projections indicate that BNPL usage in the U.S. will expand at an astonishing compounded annual growth rate of 25.5 percent from 2022 to 2026, underscoring the increasing demand for these flexible payment options.
About Cornerstone Financial Credit Union
Cornerstone Financial Credit Union is committed to serving its over 48,000 members with high-quality financial products. With total assets surpassing $627 million, the credit union provides a range of services designed to meet the diverse needs of its membership base. It operates several branch offices, ensuring accessibility and personalized service for its members.
About equipifi
Equipifi is recognized as the premier BNPL platform for financial institutions in the U.S. This white-label solution aligns with consumer purchase habits, payment preferences, and financial goals. By integrating seamlessly with banking cores and digital platforms, equipifi enables financial institutions to enhance customer engagement, expand market presence, and improve revenue streams through simplified BNPL management.
Frequently Asked Questions
What is the new financial service offered by Cornerstone Financial Credit Union?
Cornerstone Financial has launched a Buy Now, Pay Later (BNPL) service that allows members to access extra funds and gives them more budgeting flexibility.
Why is Cornerstone Financial Credit Union notable in Tennessee?
It is the first credit union in Tennessee to introduce the BNPL service, demonstrating its commitment to innovation and member support.
What features does the BNPL program include?
The BNPL program offers both a pre-purchase feature that grants additional funds before shopping and a post-purchase feature that allows members to convert eligible transactions into installment loans.
Who is the partner behind the BNPL service?
Cornerstone Financial Credit Union partnered with equipifi, a well-known BNPL platform tailored for financial services, to implement this solution.
How prevalent is BNPL among credit unions nationwide?
Over fifty credit unions across the country have launched BNPL products, showing a growing trend towards providing flexible payment options to their members.
