Credit union innovation is the focus of a study featured on Pymnts.com, taking a pulse on how credit union professionals feel about following the latest trends to serve members. The results show that credit union members look favorably at innovative organizations, and 21.9% would switch if they found a more forward-thinking financial institution.
With an ever expanding world of Apps allowing people to zap money among friends and family, peer-to-peer payments were another potential game changer, with 35.8% of members who are “very” or “extremely” interested in having that capability.
It wasn’t just credit union members who wanted to stay on the cutting edge. The report showed 80% of credit union executives are interested in voice assistant innovations.
According to the study, “Drawing from a data sample of 3,908 U.S. consumers, 137 credit union leaders and 55 FinTech executives, the index examines the shifting importance financial consumers place on innovation as well as the innovation types they prioritize and how well CUs’ and CU competitors’ innovation plans are meeting their expectations.”
The study can be downloaded here.