PSCU - Credit Union Innovation: Product Innovation As The Key To Membership Growth - April 2022 - Discover why real-time payments are a crucial digital investment for attracting and retaining members

Product Innovation As The Key To Membership Growth

New Data Shows CUs Need Much More ThanGood Service To Retain Members Credit unions (CUs) often rely on strong customer-service reputations to secure members, but these might not be enough to hold out against in-demand digital innovations from large banks and FinTechs. In the latest Credit Union Innovation Playbook,  a PYMNTS and PSCU collaboration,PYMNTS surveyed 4,832 consumers plus 100 CU executives to see which digital investments are most likely to prevent consumers from switching banks.
Inside the April Playbook
  • 44%: Share of baby boomers and seniors who prefer their FI innovate fraud protection features
  • 38%: Share of consumers who would switch FIs for access to mobile remote deposit
  • 77%: Share of CUs that offer real-time payments to all members

Credit Union Innovation Report