Credit Union Innovation
This ongoing series offers insightful research bridging the pre- and post-pandemic digital transformation in the credit union space, periodically surveying CU executives and members on how players in the sector are among the most digitally engaged of all financial institutions.
Done in collaboration with PSCU
Inside the July Playbook
- 91 percent: Share of CUs “very” or “extremely” interested in card-issuing innovation
- $2.7B: Decrease in consumer expenditure between January and April
- 29 percent: Portion of CUs “very” or “extremely” interested in developing virtual cards
Credit Union Innovation Playbook - June 2020
Inside the June study:
The Credit Union Innovation Playbook- 41 percent: Portion of CUs planning to develop more microbusiness-focused products
- 46 percent: Share of CUs planning to add digital wallet options in the next three years
- 40 percent: Share of CUs innovating microbusiness-focused offerings to address competitive threats
Credit Union Innovation Playbook - May 2020
Inside the May study:
The Credit Union Innovation Playbook- 30 percent: Share of CU executives who believe their members are either “very” or “extremely” likely to switch to challenger banks
- 25 percent: Portion of CU members who believe challenger banks could offer better banking services than those they currently receive by offering lower fees
- 83 percent: Share of CU executives who believe national banks are likely to create challenger banks with which they might compete for members
Credit Union Innovation Playbook - April 2020
Inside the April Study:
The Credit Union Innovation Playbook- 58.3 percent: Share of large CUs that are “very” or “extremely” interested in voice assistant innovations
- 85.7 percent: Portion of mid-sized FinTechs that are “very” or “extremely” interested in installment credit innovations
- 80.6 percent: Share of CU members interested in P2P payments who cite ease of use and convenience as their reasons
Credit Union Innovation Index - March 2020
Inside the March study:
The Credit Union Innovation Index- 21.9 percent: Share of CU members who would consider switching to more innovative FIs
- 35.8 percent: Portion of CU members who are “very” or “extremely” interested in P2P payments
- 80 percent: Share of CU executives who are interested in voice assistant innovations
Credit Union Innovation Playbook - July 2019
Inside the Playbook
The Credit Union Innovation Playbook: Loyalty Innovation Edition- 80 percent: Portion of loyalty-focused CUs that also invest in anti-fraud protection
- 33.3 percent: Share of loyalty-focused CUs that innovate to meet current members’ needs
- 42.4 percent: Portion of CU members who want their CUs to focus on account fraud/theft protection
Credit Union Innovation Playbook – June 2019
Inside the Playbook
Credit Union Innovation Playbook – Data Analytics Edition- 55.6 percent of CUs that focused on data analytics said they were equally focused on developing new products and new features
- 79.4 percent of CUs made AML-based initiatives their top investment focus over the previous three years
- 39 percent of analytics-focused CUs based their innovations’ ROIs on whether they reduced existing products’ operating costs
Credit Union Innovation Playbook - April 2019
INSIDE THE APRIL Study
Credit Union Innovation Playbook- 59.9 percent of current CU members consider it “very” or “extremely” important for their CUs to offer mobile apps
- Among Generation Z members, 50.4 percent chose their CUs because of their mobile app offerings
- Bridge Millennials are more likely than any other generations to consider switching their primary FIs, with 12.7 percent willing to do so
Credit Union Innovation Playbook - March 2019
About the Playbook
Credit Union Innovation Playbook- 81.3 percent of credit union members cited trust as a reason for selecting an FI, while 80.6 percent of them cited it as a reason to remain with their CUs
- 42.4 percent of CU members want their FIs to focus on anti-fraud solutions, and 33.0 percent cited data security as their top innovation priority for the next three years
- 64.3 percent of FinTechs expressed interest in bypassing CUs to sell directly to members
CREDIT UNION INNOVATION INDEX
KEY FINDINGS IN THE STUDY INCLUDE:
Credit Union Innovation Index- 51 percent: Portion of CU members who banked with CUs because they liked their prices
- 58.4 percent: Share of members who were “extremely” satisfied with their CUs
- 51 percent: Portion of CUs that cited compliance as an impediment to innovation
