Credit union (CU) executives understand the importance of innovation. However, PYMNTS Intelligence uncovered a disconnect between how some CUs measure innovation success among different performance tiers.
More than three-quarters of top performers benchmark their innovation agenda’s return on investment (ROI) by increases to their membership base and revenue growth. Significantly fewer bottom performers use these metrics.
Top performers see Big Tech companies and companies that provide alternative lending and banking services as competitors for members. Bottom performers, meanwhile, worry most about competition from local and regional financial institutions. These differences suggest that top performers may be better positioned to reduce churn and engage new members.
These are some of the insights explored in “How Top-Performing Credit Unions Innovate to Stay Competitive,” a PYMNTS Intelligence and Velera (formerly PSCU/Co-op Solutions) collaboration. The report examines how CUs are investing in innovative products and services to retain current members and attract new ones. This report is based on a survey of 200 CU executives conducted from March 7 to April 2. The survey sought to learn about CUs’ current product and feature offerings as well as their plans for future innovation. Download the report here.
Inside “How Top-Performing Credit Unions Innovate to Stay Competitive”:
- Comparisons of how top, middle and bottom performers rank in the Innovation Readiness Index
- Analysis of how CUs’ innovation agendas align with what their members want
- How CUs measure the ROI of their payment innovations
- Insights into which entities CUs in different performance tiers identify as their competition
- What CUs see as their top competitive advantages
- Seven steps CUs need to take to increase their payment innovation readiness
The report explores the current state of CU investment in innovation. It reveals how top performers stay competitive by providing the products and services that today’s digital first consumer expect. Eight charts of insightful data explore what’s working for top performers and where the rest lag behind. Download the report to learn about how top-performing CUs leverage innovation to grow their memberships.
