The report also revealed the following:

Four types of services were the leading reasons why credit union members would decide to switch to a different financial institution if their credit union did not offer them: Remote deposit capture (38%), digital cards that can be issued directly to their digital wallet (38%), P2P payments (35%), digital wallets (36%) and cardless cash withdrawals (35%). "Each of these five areas of innovation shows the vulnerabilities that pose the greatest risk for credit unions to lose members, but they also provide a roadmap for how credit unions can strengthen relationships with their members through innovation efforts of their own," according to the report.
When asked which product/service innovation areas they consider most when deciding to switch financial institutions, responses varied by age group. Twenty-four percent of Gen Zers, 27% of millennials, 29% of bridge millennials (those sandwiched between millennials and Gen Xers) and 25% of Gen Xers named mobile banking, while only 13% of baby boomers did. Account fraud protection was named by 45.4% of boomers, 30.9% of Gen Xers, 28.5% of bridge millennials, 24.7% of millennials and 27.6% of Gen Zers. However, there was more of a consensus among age groups when it comes to loyalty or rewards offerings – 26.2% of Gen Zers, 33.6% of millennials, 32.6% of bridge millennials, 34.8% of Gen Xers and 37.5% of boomers chose this as an area of innovation they consider when deciding to switch institutions.
Assigning credit unions one of four labels identifying their level of digital innovation, the report found 74% of "early launchers," 81% of "quick followers," 72% of "followers" and 65% of "laggards" are innovating in mobile banking. Seventy-four percent of early launchers, 53% of quick followers, 72% of followers and 65% of laggards are innovating with mobile wallets. And, early launchers are 17% more likely than other credit unions to innovate with buy now, pay later (BNPL) options, 20% more likely to innovate with personal loans and 54% more likely to innovate with planning and budgeting tools, the report said.

Instant Insights /

Consumer Satisfaction Falls for CUs, Rises for Online Banks: Report

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