In part two of the 2024 FS Summit episode, TransUnion’s Sean Flynn sits down with Union Credit co-founder and CRO Barry Kirby to highlight some key challenges facing credit unions today.

Sean and Barry start by discussing the contradiction credit unions are running into as they balance growing their young member bases with needing more deposits due to liquidity constraints.

Barry shares the widening average age gap between credit union members (57) and US consumers (37), and describes why educating younger generations on the benefits of credit unions is critical for the health of the entire banking system.

Sean notes how Barry’s company helps community banks automate and scale in new ways, leading him to wonder what kind of fraud Barry is seeing these days and how credit unions are responding.

Finally, Barry looks back on 25 years as an entrepreneur in the community banking space to offer advice for those pursuing a similar path.

The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.

Several questions were discussed, including:

• What were the dynamics of consumer demand, and how did ongoing effects of the pandemic impact consumer balances and liquidity?
• What did we learn about Buy Now, Pay Later consumers?
• How did Gen Z’s growing involvement in the credit market compare to preceding generations?

Featuring guest Paul Siegfried, Head of Card and Banking at TransUnion.

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For questions or to suggest an episode topic, email ExtraCredit@transunion.com.

The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.