Key survey findings included:

Thirteen percent of credit union members have been a card fraud victim and 4% have had their identity stolen in the last year alone. Similarly, 11% of non-credit union members were a card fraud victim and 4% also had their identities stolen during the same time period.
While a third of respondents currently use digital payment methods, 38% cited concerns about security as a reason for not using digital payments. With improved fraud detection tools now available and consumer education about the value of these tools, financial institutions can help mitigate any hesitation consumers may have when it comes to digital payments and maximize opportunities related to mobile wallets.
Baby boomers prefer to use credit cards more than any other age group. They are also more likely to use a credit card over cash, which breaks the stereotype that boomers are set in their older ways.
Generation Z is already comfortable with conducting their banking and making transactions online. However, the survey found that this group more interested in having a financial adviser at their fingertips, even more than Millennials. Gen Z is paving the way for a future where digital payments and quality, personal assistance will merge.
Debit is the most often used payment method among credit union members when making in-store purchases. Debit cards have the potential to serve as a replacement payment method for cash users, particularly at routine retail locations. Paying with a debit card is both convenient and allows for better budgeting. When they choose to use a debit card, both members and non-members like it for its convenience and ease of use.

"Credit unions in particular – where 'people helping people,' customer service and personal relationships have always taken priority – are dedicated to meeting member needs for safety and convenience. PSCU plans to use insights uncovered from the study to spearhead conversations around secure leadership in the digital financial world and to deliver possibilities and seamless experiences to our owners and their members," Pierce added.

Instant Insights /

PSCU Payments Study: Consumers Focused on Security, Convenience & Comfort

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