Data, data everywhere. For credit unions, data may be the conduit to competing with banks. As found in the latest PYMNTS Credit Union Tracker, consumers expect personalization in the services and financial products on offer. The best way to get to that personalization – for example, for credit unions to get credit cards to the right consumers with the right rewards offers – is through data analytics. Credit unions are boosting their efforts here, as the numbers show.
Data:
35 percent: Share of CUs that have made analytics investments over the past three years
60 percent: Share of credit unions that offer a credit card
8.1 percent: Growth in number of credit unions that offer a credit card, measured year over year
5,572: Number of credit unions in operation, as estimated on March 31 of this year
89 percent: Share of credit card debt held by banks
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