Today In Data

Trust Cements Consumers To The Credit Union

Trust Cements Consumers To The Credit Union

To keep them coming back, get them to trust you – and work to keep that trust. That’s a wise maxim to follow in any business. It’s especially true for financial services. As the latest Credit Union Innovation Playbook shows, credit unions stepped into the uncertainty of the government shutdown earlier this year by offering zero percent interest loans or deferring loan payments. Those offerings – tailored to fit the situation – show how a personalized approach can help cement relationships

Data:

81.3 percent: Share of CU members who said trust was a key reason they banked with CUs.

67 percent: Share of customers who trust their CUs with data security.

55.8 percent: Share of CU members who would NOT switch to a FinTech due to lack of trust.

42 percent: Share of CU members who want their CUs to prioritize anti-fraud prevention.

$825 billion: Fundbox’s estimate of the value of unpaid small business invoices.

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