The news: Thrivent Financial for Lutherans recently converted its credit union to a digital-only bank after more than a decade, citing greater growth potential and strategic flexibility beyond the limits of its nonprofit credit union structure, per American Banker.

The rationale: Credit unions are limited in the range of products they can offer due to their nonprofit structure and field of membership. Banks don’t face such restrictions, allowing Thrivent to roll out more products more quickly.

Thrivent also aims to get its most relevant products in front of younger consumers earlier and strengthen those relationships over time.