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Almost Half of CU Executives Fear Member Losses Due to Weak Card Programs

“There is no underestimating the importance of a solid payments program to a credit union’s reputation..."

Stack of credit cards. Credit and debit card programs a concern for CUs . (Source: Shutterstock)

The growing ubiquity of instantaneous account access is prompting many credit unions to prioritize their credit and debit card programs above many of their other offerings in order to retain members, according to a new study by Seattle-based card processing aggregator Member Access Processing.

The company’s survey of 212 U.S. credit union executives found that nearly a third (29%) were happiest about their card payments programs and believed card payments was the most important service their credit unions offered. Almost half (45%) said they were very concerned that members would leave if their card services didn’t have the latest features or mobile access. More than half (55%) said they felt that their card processor was very important to the success of their credit union.

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