66% of CU members want more payment options
As the digital shift continues and accelerates, more consumers will inevitably demand that their trusted financial services provider deliver more digital products and services.
In fact, about a quarter of credit union members (CUs) said they would be willing to hand over their CUs to competitors if those competitors could offer more innovative products, according to “Credit Union Innovation”, a PYMNTS and PSCU partnership based on a survey of 6,483 US financial institutions (FI) account holders, 151 credit union executives and 50 FinTech executives.
Get the report: Credit Union Innovation
However, CU members are less likely to switch than other financial clients. The survey found that while 24% of CU members would change or consider changing FI due to innovation, 31% of non-CU members would do the same.
The biggest innovation that CU members and other financial customers want their FIs to invest in is more payment options, including real-time payments, cardless cash withdrawals and contactless payments.
Among CU members, 66% are interested in several payment options.
Other top five innovations that CU members want their FIs to invest in are mobile banking features, data security or protection against account fraud, loyalty or reward offers and financial account analysis. These potential innovations were cited by 53%, 50%, 37% and 12% of CU members, respectively.
Other, non-CU financial clients rank the top five areas of interest in the same order, but with different proportions of clients choosing each.
Among financial customers who are not CU, 68% want more payment options, 52% want mobile banking features, 50% want data security or protection against account fraud, 37% want loyalty or reward offers and 13% want financial account analysis.
As CUs increase their investment in innovative products and improve existing offerings, they will appeal to members seeking access to digital payments, reduce exposure to the risk of membership dropouts, and better position themselves to maintain relationships with account holders.