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The COVID-19 crisis swept across the world and devastated lives and many parts of the economy. Add that together with swift alterations in consumer and credit union member behavior, and the result turned into a historic hurricane of change that has fragmented members’ financial relationships.

New findings, published in the “CU Payments Outlook” research, which was conducted by global consulting firm EY and commissioned by CO-OP Financial Services, revealed that the pandemic accelerated a years-long trend of consumers’ disjointed relationship with their financial services provider. In this study of 3,000 credit union members and potential members, the research revealed that 88% of credit union members are currently digitally engaged with their financial services provider.

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Michael Ogden

Editor-in-Chief for CU Times.

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