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