![SRM-Sept2022-BlogImage_Updated[6]](https://blog.srmcorp.com/hs-fs/hubfs/SRM-Sept2022-BlogImage_Updated%5B6%5D.jpg?width=1600&name=SRM-Sept2022-BlogImage_Updated%5B6%5D.jpg)
Banks and credit unions interested in offering Buy Now, Pay Later (BNPL) services should be pleased with the latest report from the Consumer Financial Protection Bureau (CFPB).
Many FIs have been reluctant to dive into the popular consumer offering, largely due to uncertainty over the regulatory environment. SRM asserted in a recent report that banks and credit unions have the experience and tools necessary to handle regulatory scrutiny.
Topics: Payments, Vendor Contract, Buy Now Pay Later, BNPL, CFPB, Credit Cards
The first half of 2022 was eventful for banks and credit unions, and there’s no reason to expect the pace to slow. Financial institutions must monitor changes to the payments ecosystem while simultaneously dealing with rising interest rates, eroding consumer confidence, and potential cracks in credit quality.
Here’s a quick summary of what the team at SRM sees as the key trends in financial services and how these trends might play out over the balance of the year.
Topics: Payments, Cryptocurrency, Digital Assets, Overdraft, BNPL, CFPB
![BNPL-2-Blog-Image[28]](https://blog.srmcorp.com/hs-fs/hubfs/BNPL-2-Blog-Image%5B28%5D.png?width=829&name=BNPL-2-Blog-Image%5B28%5D.png)
In our recent report, we made the case that banks and credit unions consider Buy Now, Pay Later (BNPL) as part of a holistic suite of payments products.
While a study from IntraFi Network found that four out of five small banks and credit unions are reluctant to get into BNPL, SRM believes that traditional FIs have the infrastructure to handle compliance requirements from agencies such as the Consumer Financial Protection Bureau.
Topics: Payments, Buy Now Pay Later, BNPL, Credit Union Vendor Contracts, Bank Vendor Contracts, Point-of-Sale
![BNPL-Report-Blog-Image[50]](https://blog.srmcorp.com/hs-fs/hubfs/BNPL-Report-Blog-Image%5B50%5D.png?width=829&name=BNPL-Report-Blog-Image%5B50%5D.png)
Financial institutions of all sizes are under pressure to find new revenue sources and solidify their status as customers' trusted financial advisors. One would think FIs would race to participate in a lending category projected to grow significantly in coming years – and one where 70% of consumers indicated in a recent survey that they'd prefer access through their bank.
That isn’t necessarily the case. Surprisingly, a study by IntraFi Network found that 80% of community banks and credit unions have no plans to introduce Buy Now, Pay Later (BNPL) services. A new SRM report details why FIs should closely examine this opportunity – not only as a revenue generator but also to defend current and future business.
Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Buy Now Pay Later, BNPL, Consumer Lending
![BNPL-Blog-Image[83]](https://blog.srmcorp.com/hs-fs/hubfs/BNPL-Blog-Image%5B83%5D.png?width=932&name=BNPL-Blog-Image%5B83%5D.png)
Buy Now Pay Later (BNPL) has emerged as one of the most discussed and fastest-growing areas in consumer lending. What has been surprising is the unwillingness of many financial institutions to add it to their product offerings, according to a recent survey by IntraFi Network. Though BNPL upstarts like Klarna and Affirm continue to claim new territory, the survey indicates that 80% of community banks have no plans to add these services.
Topics: Digital Banking, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Buy Now Pay Later, BNPL, Installment Loans
