Credit Union Innovation
The 2020 Credit Union Innovation Playbook series, a PYMNTS and PSCU collaboration, analyzes the evolution of the innovation trends in the financial ecosystem. The Challenger Banks Edition draws from a data sample of 3,908 consumers, 100 credit union leaders and 50 FinTech executives to examine which payment product innovations CUs and FinTechs plan to prioritize in the near future.
Inside the May study:
- 30 percent: Share of CU executives who believe their members are either “very” or “extremely” likely to switch to challenger banks
- 25 percent: Portion of CU members who believe challenger banks could offer better banking services than those they currently receive by offering lower fees
- 83 percent: Share of CU executives who believe national banks are likely to create challenger banks with which they might compete for members