In response to ongoing financial uncertainty, consumers are looking for reassurance in the form of convenient financial solutions that balance immediate needs with long-term financial success. New research from Co-op Solutions indicates credit unions have an opportunity to provide that reassurance through convenient tools that manage day-to-day needs.
The research, conducted in partnership with EY and Mastercard, studied recent changes in consumer and credit union member behaviors, preferences, challenges and activities. More than 2,000 current credit union members and 1,000 credit union prospects participated in the survey.
Co-op’s research is available at no charge for immediate download, via the white paper “Co-op CU Growth Outlook: Fueling financial performance through daily interactions.”
Among the research findings were four key takeaways pointing to what the report calls, “the compelling golden opportunity” for credit unions:
“These insights highlight the compelling golden opportunity that credit unions have to effectively compete with national banks and fintechs, by offering financial tools focused on meeting their members’ daily micro transaction needs to grow member economic participation,” concludes the report.
In response to the research, Co-op Solutions recommends credit unions address three areas of focus:
“To regain the trust of financial consumers and achieve long-term growth, credit unions must rethink their reliance on life-stage services like lending and embrace a new model of member centricity that begins with serving members’ everyday lifestyle financial needs,” said Samantha Paxson, Chief Experience Officer for Co-op. “Daily, micro transactions are the gateway to long-term relationship value, and are the best route to institutional growth and fulfilling our role of helping to enable members’ financial wellness.”
Credit unions are invited to immediately download at no charge the research report, “Co-op CU Growth Outlook: Fueling financial performance through daily interactions.”