How Credit Product Rates Impact FI Selection

One-Third of Credit Union Members Would Leave for Better Credit Products

Consumers are on the hunt for better access to credit and financing, and they’re not afraid to shop around to find the FI providing the lowest rates and most convenient offerings. PYMNTS’ latest study of more than 4,000 consumers and 154 FinTech and CU execs reveals what CUs can do to win — and keep — consumers’ business. Read more in Credit Union Innovation: How Credit Products’ Rates and Terms Impact FI Selection,” a collaboration with PSCU.

Inside the August Playbook
  • 45%: Portion of CU executives who say they have made very or extremely significant efforts to cut down credit product setup times.
  • 59%: Share of CU executives who believe product setup times have a major influence on consumer’s decisions of where to apply for credit products
  • 5.8%: Portion of account holders who say that quick access to funds is the most influential factor in deciding where to apply for credit products

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