Cover for the May 2023 PYMNTS and PSCU "Credit Union Innovation: Staying Ahead Through Payments innovation"

Staying Ahead Through Payments Innovation

Less Than One-Quarter of Credit Unions Offer Real-Time Payments, Disappointing Members Nearly two-thirds of account holders demand more payment options, including real-time payments, and may switch to other FIs perceived to be more innovative, according to PYMNTS’ latest study of 4,282 U.S. consumers and 150 credit union executives, “Credit Union Innovation: Staying Ahead Through Payments Innovation,” a collaboration with PSCU.
Inside the May Playbook
  • 65%: Portion of bank account holders who want more innovative payment methods from their FIs
  • 80%: Share of account holders willing to switch FIs for access to innovative products who would like to see their current FIs or CUs make more payment products available
  • 39%: Portion of millennials who would switch or consider switching FIs in favor of innovation

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