Discover was in attendance at the National Association of Federal Credit Union’s (NACFU) 45th annual conference in Nashville this month, represented in part by Kevin O’Donnell, a group executive in the network’s credit issuance division. For PYMNTS.com, the occasion represented an ideal opportunity to get insights into what credit unions are up to, and what impact they might have on the payments industry overall in the near future.
O’Donnell’s insights are informed by Discover’s U.S. Spending Monitor, which showed a drop in consumer confidence for June after what appeared to have been a strong spring. This, O’Donnell says, offers credit unions a unique opportunity to gain business, as research shows CUs typically have a reputational advantage over their big bank competitors. When consumers are concerned about the economy, trust becomes even more important, O’Donnell says.
Once CUs establish a relationship with those customers, O’Donnell recommends offering a broad portfolio of products that includes both savings accounts and lending services “” particularly for baby boomers, which O’Donnell refers to as a “sandwiched generation,” in many cases having to take care of both aging parents and 20-something children unable to find jobs in a tough employment market.
Listen to the full audio interview with Discover’s Kevin O’Donnell here to get the full story on Discover’s U.S. Spending Monitor for June, and more insights on optimal strategies for credit unions looking to grow.
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