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Credit Unions: Innovate or Lose Members?

Credit Unions: Innovate or Lose Members?

Credit unions are gaining members, with one out of five current members having switched their primary financial institution in the past year. A new report from PYMNTS Intelligence and PSCU, "Growing Credit Union Membership via Lending and Omnichannel Banking Innovation," reveals that 73% of new credit union members switched from different financial institutions, primarily due to inadequate online and mobile banking features or lack of nearby branches at their previous banks. However, despite the importance of these features, 81% of members prioritize innovation in their financial services. The report highlights a significant gap in the offerings of credit unions; while most provide traditional loans, only a small fraction currently offer trendy options like buy now, pay later (BNPL) plans. Interestingly, 17% of credit union members desire BNPL innovations, yet nearly half of the credit unions have no plans to introduce such services, potentially risking member retention.

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