Cornerstone Financial Credit Union Introduces BNPL for Members in Tennessee

Cornerstone Financial Credit Union Launches BNPL for Members

In an exciting development for its members, Cornerstone Financial Credit Union (CFCU) has become the first credit union in Tennessee to offer a Buy Now, Pay Later (BNPL) service, significantly expanding its online banking capabilities. This initiative is not just about facilitating purchases; it's about enhancing financial flexibility for the over 48,000 members who depend on CFCU for their banking needs.

As part of its mission to provide exceptional financial services, Cornerstone has chosen to collaborate with equipifi, a leading BNPL platform specifically aimed at financial institutions. With this partnership, Cornerstone aims to meet the diverse needs of its members, allowing them to access instant funds with ease. The BNPL service is integrated seamlessly into the bank's online platform, ensuring a smooth user experience.

The BNPL service will enable members to make purchases immediately while spreading the cost over installments, effectively managing their budget without incurring high-interest debt. Notably, the BNPL program incorporates two key features: a pre-purchase option granting advance funds before shopping, and a post-purchase feature converting eligible debit card transactions into installment loans after the purchase has been made.

Donna Young, the President of Cornerstone, stated, "Our mission is to deliver competitive offerings and exceptional services to our members, and that means providing them with financial flexibility when they need it." This launch is a step towards fostering a more supportive financial environment for members, where convenience and accessibility are prioritized.

Bryce Deeney, CEO and co-founder of equipifi, echoed this sentiment, emphasizing that by adopting the BNPL model, Cornerstone is enhancing the banking experience for its members. He noted, "Buy Now, Pay Later is a service that consumers need and want to receive from their financial institution. This launch exemplifies how CFCU can be present for every significant financial moment in their members' lives."

The trend of BNPL services has been burgeoning in the United States, with over 50 credit unions recently implementing their unique BNPL products. According to equipifi's research, 79% of members continue utilizing BNPL services into their second year, with overall usage showing significant growth of 38%. This popularity signals a strong demand for flexible payment options among consumers, a trend valued at a projected annual growth rate of 25.5% from 2022 to 2026.

With over $627 million in assets, Cornerstone Financial Credit Union is committed to fostering innovation and adaptability. With branches located across Tennessee, including Clarksville, Dickson, Franklin, Hendersonville, Murfreesboro, and Nashville, the introduction of the BNPL service not only exemplifies their commitment to financial flexibility but also marks a significant milestone for credit unions in the region.

In conclusion, Cornerstone Financial Credit Union’s launch of the BNPL service is a landmark move that showcases how traditional banking can evolve with the changing needs of its customers. By prioritizing financial flexibility and accessibility, CFCU is setting a precedent for others in the industry, demonstrating the vital role that credit unions can play in supporting their members' financial lives.