By Ray Birch
DUNEDIN, Fla.–At a time when consumers’ confidence in cryptocurrency has been shaken, one credit union insists monitoring members’ interests in e-money is critical to setting a course for the CU’s digital future.
But the task of keeping a finger on members’ crypto pulse means much more than just scrutinizing data; it must also include talking to members to get their feelings and insights, according to the same CU.
That’s the opinion of $2.8-billion Achieva CU, which, as CUToday.info reported, partnered with NYDIG in 2022 to offer crypto services to members.
Tracy Ingram, chief digital and infrastructure officer at Achieva, told CUToday.info the more recent so-called “crypto winter” and the collapse of some major digital money platforms has not led to concerns and questions from members using NYDIG through Achieva, but is has produced a slowdown in the pace of crypto purchases.
“We are still not seeing negative feedback from our members, but we are seeing members who have been buying crypto pull back a little,” Ingram said. “We started seeing a shift in Q3 of last year, a slowdown in purchases and the number of new users.”
Members using the service—which is buy, sell and hold—have also changed their behavior in another way.
“The vast majority are still transacting but we have seen the dollar amounts move lower,” added Ingram.
What Members are Thinking
Ingram said Achieva is very interested in understanding where its members’ minds are today following the tough stretch for cryptocurrency, which has begun to see a rebound in values. In fact, research is what led to the credit union’s initial decision to play in the crypto space. Two years ago, before it launched the new offering, Achieva monitored members’ transaction activity to gauge cryptocurrency interest.
Other credit unions have also told CUToday.info they have monitored outflows of deposits, often noticing the funds were going to purchase crypto.
“Today we have a number of methods to get feedback from members,” Ingram explained. “Obviously, they can call or come into a branch. We have a survey we regularly do. And we check with our call center.”
Monitoring Transaction Data
Tracy Ingram
Like the other CUs, Ingram said Acheiva has also looked to transaction data for insights into how much money members are shifting to cryptocurrency.
Ingram emphasized the survey would be an easy method for members to share concerns regarding their crypto holdings and the stability of the NYDIG platform with which ACU has partnered.
“But we are just not seeing any of that,” reiterated Ingram.
The credit union is not planning to simply sit back and rest just because members have not been sharing concerns about crypto following the collapse of platforms such as FTX.
“I check in our call center regularly and they are not getting any negative feedback,” said Ingram. “I attribute that to a lot of the literature available today on cryptocurrency, including what Achieva offers through NYDIG. One of the reasons we chose NYDIG is their educational component, which is thorough. We have also stepped up our own educational offerings that members can access.”
Conversations With Members
In conversations Ingram and the CU’s staff have had with members, it appears they are looking forward to greater regulation of cryptocurrency. Those conversations are critical for any credit union today that is ready offer crypto services, Ingram believes.
“Obviously, we're monitoring the situation, and we want to address any concerns the membership may have,” said Ingram. “I don't feel that there's going to be a lot of movement of crypto this year. I do think in the future that we will always have to deal with market shifts within cryptocurrency, just like people do with the stock market. We know there are some new potential options members want, such as being able to make recurring payments into crypto holdings.
“Also, they want access to other currencies, like Ethereum, and not just Bitcoin,” she continued. “But, for now, we're just watching their current adoption, watching the market. We’ll soon begin working with member focus groups, things like that.”
What the Data Show
Ingram said Achieva Credit Union’s data show a 10% decrease in the amount of money members are putting into or removing from their crypto investments, for both the NYDIG solution and with other platforms.
“What is clear is this shift is not drastic,” Ingram said. “None of this has changed our stance. I think it's good to look at what our members’ crypto activities are. However, it's also really important to have direct member feedback. When members call us, we take that opportunity to talk to them about their thinking toward cryptocurrency. For example, before we launched our service with NYDIG, I was at one of our branches talking to members. It’s really important to get that voice of the member. The data tell you one thing, and the numbers don’t really tell you how your members feel. We get thousands of comments from members each month through various channels and we believe that will help us as we move forward with cryptocurrency.”