PSCU Study Adds New Urgency to Credit Union Innovation

Growing Credit Union Membership via Lending and Omnichannel Banking Innovation

CUs are on the clock, with roughly 1 in 5 account holders having changed primary banks last year. A new PYMNTS Intelligence study of 4,524 U.S. consumers, “Growing Credit Union Membership via Lending and Omnichannel Banking Innovation,” a collaboration with PSCU, offers insight — and even sounds a few alarm bells — for what credit unions must do to retain existing members and attract new ones.

Inside the March Playbook

7.9%: Portion of CU members say they switched to their CU because their previous FI lacked sufficient online and mobile banking
18%: Share of CU members who want their FI to provide budgeting tools in the next three years
12%: Portion of CU members who say they switched to their current CU because their previous FI did not have branches nearby.