Managing over $627 million in assets, Cornerstone is the first credit union in Tennessee to offer BNPL solutions to its 48,000 members for on-the-go access to instant funds and extra flexibility.
Cornerstone Financial Credit Union added Buy Now, Pay Later (BNPL) offering to its online banking solution in a bid to deliver competitive financial services.
The solution, developed in partnership with equipifi, BNPL platform for financial institutions, provides the credit union members flexible credit lines both pre- and post-purchase. Whether Cornerstone’s customers choose to access extra funds before shopping or convert eligible debit card transactions into installment loans, the institution is ready to provide them with financial flexibility when needed.
Equipifi uses real-time customer data from banks to create personalized BNPL offers. By integrating directly with a financial institution’s core banking system, Equipifi analyzes individual account and transaction information to assess account holder eligibility and tailor BNPL offers that align with their personal financial goals. These pre-approved offers can be viewed and accepted/rejected by customers in as little as 27 seconds.
This personalized BNPL approach enhances the customer experience by providing financial flexibility. In addition, it enables financial institutions to deepen their understanding of account holder behavior and promote increased customer engagement and loyalty through curated offerings.
More than 50 U.S. credit unions have already introduced their own Buy Now, Pay Later (BNPL) offerings for their members. According to equipifi’s data, over 79% of those members not only continue using BNPL into the second year but also resort to this type of loan 38% more. In 2024 alone, equipifi witnessed a 750% increase in the number of financial institutions onboarding its platform.
Nationwide, BNPL is expected to expand at a compounded annual growth rate of 25.5% from 2022 to 2026. The popularity of flexible installment loans keeps rising globally as people worldwide seek credit solutions for their daily purchases as living costs surge. By 2028, the number of BNPL users worldwide is expected to grow from 380 million users in 2024 to 670 million, illustrating a 107% surge.
