PSCU - Credit Union Innovation: Product Development Slowdown Tests Member Loyalty - January 2023 - Learn more about what CU members want from their institution and what CUs can do to maintain their customer base

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

Credit Union Innovation Report