Credit union (CU) executives understand the importance of innovation, but PYMNTS Intelligence found a disconnect in how some CUs measure innovation success across different performance tiers.
More than three-quarters of top performers benchmark the return on investment (ROI) of their innovation agenda with membership growth and revenue growth. Significantly fewer bottom performers use these metrics.
Top performers see large technology companies and alternative lending and banking service providers as competitors for members, while bottom performers are most concerned about competition from local and regional financial institutions. These differences suggest that top performers are in an advantageous position to reduce churn and attract new members.
these are”How high-performing credit unions innovate to stay competitive“, PYMNTS Intelligence and Bellera (formerly PSCU/Co-op Solutions) collaboration. The report examines how CUs are investing in innovative products and services to retain current members and attract new ones. The report is based on a survey of 200 CU executives conducted March 7-April 2. The survey sought to learn about CUs’ current product and feature offerings, as well as their plans for future innovation. The report can be downloaded here.
“How Top Credit Unions Innovate to Stay Competitive.”
- Comparing top, middle and bottom performers on the Innovation Readiness Index
- Analysis of how CU’s innovation agenda aligns with member demands
- How CUs can measure the ROI of payments innovations
- Insights into which entities CUs in different performance tiers perceive as competitors
- What CUs consider to be their biggest competitive advantage
- Seven steps CUs need to take to improve their payments innovation readiness
This report explores the current state of innovation investments at CUs. It reveals how top performers stay competitive by delivering the products and services that today’s digital-first consumers expect. Eight charts of insightful data explore what makes top performers successful and where others are falling behind. Download the report to learn how top-performing CUs are leveraging innovation to grow membership.
