Study: Investments in Payments Innovation Reduces Credit Union Member Churn by 57%

2024 Credit Union Innovation Readiness Index

Spend more (on payments innovation), get more (member loyalty). That’s the result of a comprehensive study by PYMNTS Intelligence and PSCU collaboration of credit union executives and their members to examine what keeps, and what drives members away. Details inside the “2024 Credit Union Innovation Readiness Index” (CU-IRI).

Inside the January Index
  • 93%: Share of the most innovative CUs that increased total investment in payment innovation in the past year
  • 14%: Portion of total asset size that the most innovative CUs invested in payments innovation in the past year
  • 19%: Share of the least innovative CUs that cite regulation and compliance as their top challenge

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    PSCU Credit Union Innovation Report Series

    Growing Credit Union Membership via Lending and Omnichannel Banking Innovation
    How Credit Product Rates Impact FI Selection
    Credit Union Membership and Credit Profiles
    Staying Ahead Through Payments Innovation
    Bridging the Cryptocurrency Divide — Why Members Want Access, Why Credit Union Executives Resist
    Product Development Slowdown Tests Member Loyalty
    Cryptocurrency As A Key To Member Loyalty
    The Race To Meet Consumer Demand
    Product Innovation As The Key To Membership Growth
    Responding To Member Demands For Digital Financial Services
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