Credit Union Innovation Study – February 2021

Credit Union Innovation Study – February 2021

The Credit Union Innovation Study, a PYMNTS and PSCU collaboration, gauges the state of credit union (CU) innovation in the United States. We surveyed a census-balanced panel of 4,817 U.S. consumers, 101 CU decision-makers and 50 FinTech executives to discover how consumers’ mounting needs for digital-first banking options are changing the types of innovations CUs are prioritizing both now and in the long term to better meet members’ needs and maintain their competitive edge.

Inside the February study:

  • 30 percent: Share of millennial credit union members who would at least consider switching primary FIs over innovation
  • 64 percent: Portion of CUs citing pandemic-related changes in consumers’ needs as a factor making it more difficult to rollout new products and services
  • 41 percent: Share of CU decision-makers who believe that partnering with credit union service organizations is critical to the innovation process

Credit Union Innovation