Credit Unions Face Higher Expectations Than The Competition

AVERAGE NUMBER OF PRODUCTS OR SERVICES EXPECTED FROM A FINANCIAL INSTITUTION
FOR 2,124 CONSUMERS | DATA AS OF SEPTEMBER 2022

• Financial services is a competitive field, and members expect credit unions to offer an array of products and services. According to a 2022 survey by PYMNTS and Treasury Prime, U.S. consumers expect credit unions to offer 11.6 products or services. These can include share accounts — such as share drafts and certificates — as well as loan products — such as mortgages and auto loans — but that top-line number is higher for credit unions than any other financial institution.
• Share draft penetration, which often serves as a proxy for determining whether members are using their credit union as their primary financial institution, has steadily climbed in the past decade. In the fourth quarter of 2013, 52.9% of members held share draft accounts with their credit union, according to data from Callahan & Associates. Today, that number is 61.9%.
• As more members make a credit union their primary financial institution, the expectation for what credit unions offer has likewise increased. Consequently, credit unions have had to evolve their suite of products and services to meet member needs and preferences. New technologies — including those centered around artificial intelligence, machine learning, automation, business intelligence, and more — are helping credit unions evolve even further.