It’s time for credit unions to make sure that they know how to talk to members about crypto, according to a major credit union service organization (CUSO).
This is why PSCU, which supports more than 1,900 financial institutions representing nearly 7 billion transactions annually, is rolling out a major initiative focusing both on educating credit union (CU) staff and helping them educate members in turn.
“Educating members on crypto is a key goal,” Lou Grilli, senior innovation strategist at PSCU, told PYMNTS. “This landscape is evolving so quickly. There’s more interest now than previously, despite this crypto winter that we are in.”
That doesn’t mean all CUs will offer crypto services, Grilli said, noting that’s a decision for each institution to make on its own. But there’s more to it than that, particularly for CUs.
“The relationship that credit unions have with their members is a bond that credit unions tend to capitalize on,” Grilli said. “And rightly so. Credit unions have seen some of their members being scammed by fake websites, falling for phishing scams, succumbing to false ads for a better way to buy bitcoin. And that’s where the need for education … really becomes paramount.”
Trust Comes First
But either way, the way to “maintain that level of trust that the credit unions have with their members, that the members have in their financial institution” is to provide sound and knowledgeable advice, he said.
So, he added,…
