PSCU Study Adds New Urgency to Credit Union Innovation

Growing Credit Union Membership via Lending and Omnichannel Banking Innovation

CUs are on the clock, with roughly 1 in 5 account holders having changed primary banks last year. A new PYMNTS Intelligence study of 4,524 U.S. consumers, “Growing Credit Union Membership via Lending and Omnichannel Banking Innovation,” a collaboration with PSCU, offers insight — and even sounds a few alarm bells — for what credit unions must do to retain existing members and attract new ones.

Inside the March Playbook
  • 7.9%: Portion of CU members say they switched to their CU because their previous FI lacked sufficient online and mobile banking
  • 18%: Share of CU members who want their FI to provide budgeting tools in the next three years
  • 12%: Portion of CU members who say they switched to their current CU because their previous FI did not have branches nearby.

    First Name*

    Last Name*

    Title*

    Company*

    Country*

    Work Email*

    BY COMPLETING THIS FORM, I HAVE READ AND ACKNOWLEDGED THE TERMS AND CONDITIONS.

    PSCU Credit Union Innovation Report Series

    How Credit Union Innovation Can Drive Gen Z Engagement
    2024 Credit Union Innovation Readiness Index - January 2024
    How Credit Product Rates Impact FI Selection
    Credit Union Membership and Credit Profiles
    Staying Ahead Through Payments Innovation
    Bridging the Cryptocurrency Divide — Why Members Want Access, Why Credit Union Executives Resist
    Product Development Slowdown Tests Member Loyalty
    Cryptocurrency As A Key To Member Loyalty
    The Race To Meet Consumer Demand
    Product Innovation As The Key To Membership Growth
    Responding To Member Demands For Digital Financial Services
    Credit Union Innovation Playbook
    Credit Union Innovation Study - July 2021
    Credit Union Innovation Playbook Touchless Payments Edition
    Credit Union Innovation Study - February 2021
    Credit Union Innovation Playbook: Card Trends Edition
    Credit Union Innovation Playbook: Microbusiness Opportunity Edition
    Credit Union Innovation Playbook: Challenger Banks Edition
    Credit Union Innovation Playbook: New Payment Flows Edition
    Credit Union Innovation Index - March 2020
    Credit Union Innovation Playbook: Loyalty Innovation Edition
    Credit Union Innovation Playbook: Data Analytics Edition
    Credit Union Innovation Playbook: Digital Banking Edition
    Credit Union Innovation Playbook: Trust But Verify Edition
    Credit Union Innovation Index: A 360 Degree Look at What's Driving Credit Union Innovation