The old guard gives way to the new. The in-branch banking visits give way to mobile transactions, where people may never meet face-to-face. The fact remains that in banking – especially among credit unions – innovation in terms of new services and products remains essential. Thus, technology must always be fine-tuned and sometimes overhauled, and mobile must be top of mind if CUs want to keep relationships with younger customers, who will of course wield significant financial power as time goes on.
As detailed in the Credit Union Innovation Playbook, a generational divide separates younger generations from older ones in terms of what they desire from their FIs – and if they don’t get what they want, they just might make the leap to FinTechs.
59.9 percent: Share of credit union members who consider their FIs’ mobile app offerings to be “very” or “extremely” important.
50.4 percent: Share of Gen Z who say they choose their credit unions because of mobile app offerings.
78.8 percent: Share of CU members who are willing to switch from CUs to FinTechs for perceived ease and convenience.
13.7 percent: Projected CAGR of the digital payments market between 2019 to 2024.
$39 billion: Estimated total value of the real-time payments market by 2025.