Product Development Slowdown Tests Member Loyalty

Credit Unions That Fail to Innovate Risk Losing Members

New PYMNTS data shows that 64% of CU members want more payment capabilities, and 27% would switch to another CU or bank. We surveyed 4,282 consumers for Credit Union Innovation: Product Development Slowdown Tests Member Loyalty,” a collaboration with PSCU, to learn what CUs need to do to retain members.

Inside the January Report
  • 74%: Share of CUs that offer business lines of credit and noticed rising demand for this type of loan
  • 53%: Portion of CU executives who say they are making very or extremely significant steps to reduce the time needed to set up a loan for a borrower
  • 49%: Share of CU executives for whom a lack of resources is preventing them from bringing innovations to market — up drastically from the 34% of executives who said the same in Q4 2021