Credit unions (CUs) face a critical question: How can they remain top of mind for current members while attracting new ones, especially when younger consumers expect a high level of digital sophistication? Despite the obstacles, many CUs are rising to the challenge.
The report features the exclusive Innovation Readiness Index (IRI), which measures the degree to which CUs’ current and future portfolios of products and features align with members’ preferences. That index reveals a growing gap between the most innovation-ready CUs and the rest.
How can CUs close that gap? PYMNTS Intelligence has identified seven key planks of strategic innovation and member engagement. CUs must fill the gap between what they offer and what their members want. Focus areas include enhancing digital services and engagement and leveraging partnerships for faster innovation. Additionally, CUs need to understand and cater to the unique needs of small businesses and Generation Z.
Inside “Roadmap to 2030: The Seven Strategic Planks for Credit Unions to Capture Top of Mind,” you’ll discover:
- Insight into how CUs can align with member expectations across all demographics and segments
- What members value most, from rewards to digital engagement
- How targeting small to mid-sized businesses can unlock a significant growth opportunity
- Learn more about the critical role partnerships play in accelerating new product launches
The report explores how CUs can deliver on member needs, reduce churn and grow market share by building their business plans on seven solid planks. Fourteen charts of insightful data detail key growth strategies for CUs to execute in the next five years and beyond. Download the report to learn more.
About the Report
“Roadmap to 2030: The Seven Strategic Planks for Credit Unions to Capture Top of Mind,” a PYMNTS Intelligence and Velera collaboration, examines how CUs can reap the benefits of digital innovation to gain members and reduce churn as they develop their five-year plans. The CU-IRI is based on three surveys. First, a survey of 500 CU executives was conducted from Oct. 11, 2024, to Nov. 22, 2024. Second, a census-balanced survey of 12,081 U.S. consumers was conducted between Oct. 21, 2024, and Nov. 20, 2024. Third, a survey of 2,000 small to mid-sized businesses was conducted between Oct. 23, 2024, and Nov. 20, 2024. These surveys investigated which products and features respondents want and expect from CUs.
