SEATTLE–A new “Happiness Payment Report” has found a “significant jump” in how important credit unions say their card processor is to their success.
The 2020 report, from Member Access Processing (MAP), a platform offering Visa DPS debit, credit, ATM, prepaid, and mobile processing solutions, found nearly 66% of the survey’s respondents stated their card processors were “Very Important” to the success of the credit union, an increase of more than 12 points from the prior year’s survey, MAP reported.
MAP, a CUSO, said its Happiness Payment Report is produced annually to measure how credit union executives feel about their credit and debit programs and how important those programs are to their institution’s success.
Consistent with prior year’s surveys, MAP said respondents were happy with their credit unions’ card payment and online Banking services. The survey found just over half were “Very Happy” with their debit (56.54%) and credit (57.01%) programs.
“However, the importance of the card processor jumped significantly,” the company said.
The Happiness Report also asked about the credit unions’ response to the pandemic.
Taking a ‘Toll’
“Overall, the pandemic took its toll on credit unions according to survey respondents. While most (79.81%) said they were prepared, more than half said they had to make many adjustments (55.87%), with less than a quarter (23.94%) claiming there were few or no adjustments necessary,” MAP stated. Nearly half (48.13%) stated the pandemic was “Very Disruptive” to day-to-day operations and only 6.54% said it was not at all disruptive. Nearly three quarters (73.36%) said they were ready if the pandemic continues for six to 12 more months.”
“Payments continue to grow in importance for members and credit union leaders alike,” said CEO Cyndie Martini. “The success of a credit union’s payment portfolio – debit, credit, mobile, digital – is pivotal to success and long-term viability of the credit union. This year’s Annual Happiness Payment Report is proof that credit unions see the importance of payments in driving the rest of their business.”
To view the study’s full report, click here.