ST. PETERSBURG, Fla.–A new survey confirms that when consumers are deciding on a financial institution, digital features “make a difference.”
In fact, 24% of credit union members would consider switching to new financial institutions over innovation, according to “Credit Union Innovation,” a survey of 4,832 consumers, 101 CU decision-makers and 51 top fintech executives conducted by PYMNTS and PSCU.
“The other three-quarters of consumers are more loyal, with 28% saying they do not care or would prefer that their financial institutions do not innovate, and 48% saying they would not switch, according to the two companies. “While most customers are still sticking with their primary financial institution, the number of these stalwarts has grown smaller since 2018.”
Additional Findings
The survey found an instant card issued to a digital wallet and mobile remote deposit capture are the innovations most likely to convince them to switch. In addition, 39% of consumers said an instant card issued to a digital wallet would pull them away from their current financial institution, and 38% said the same of mobile remote deposit capture.
“Three other innovations are not far behind in terms of the share of consumers who say these features would lead them to switch,” the companies said. “Thirty-six percent of consumers said they would move to another financial institution for digital wallets, 35% said they would do so for peer-to-peer payments and 35% said the same of cardless cash withdrawal.”
‘Quickly Swelling’
“These capabilities are quickly swelling to cover more than the simple withdrawals, deposits and other basic functions that digital banking has traditionally comprised. Consumers can now perform an extensive range of banking functionalities from anywhere,” the analysis continued. “The financial institutions that offer the most seamless functions are pulling ahead of their competitors.”
You May Be (Actually Are) Missing Out!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines..
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com