Welcome to Delivering Possibilities – a new blog from PSCU focused on the dynamic possibilities for credit unions, and their successful delivery in the marketplace.
This is a place where our team of PSCU thought leaders declare themselves advocates for you – the hard-working, difference-making, central pulse of the credit union industry. Your role with your credit union and community is undeniably essential, and is marked by shifts in perspective from an ever-changing payments landscape. And our role here is to support you – to lay a firm foundation with bricks of knowledge that get you to your next destination now.
From the broad world of payments, digital banking and risk management, to data insights, loyalty trends and topics of workforce diversity, we look forward to sharing perspectives on the possibilities that will help you grow and enhance the member experience.
Up Next, Eye on Payments – How motives are worth contemplating.
Eye on Payments, PSCU’s new consumer payments report, will be a hot topic featured over multiple blog enteries in the coming weeks. Because motives are worth contemplating, especially when it comes to money and our methods for spending, we’ll give you an inside look at how credit union members prefer to pay and why.
PSCU’s 2018 Eye on Payments Study assesses payment preferences of credit union members compared to bank customers, and also reveals crucial information about how they choose to pay in a host of purchase scenarios, and what the key drivers are for those payment choices.
Through research gained from 1,000 credit union members and 500 bank customers geographically dispersed across the U.S., PSCU will share our understanding of the factors that influence consumers when it comes to their choice and usage of different payments methods. With details about how these factors may vary among different life stages, we will cover what credit unions might do to better meet these preferences and needs.
Each person (yes, you!) has behaviorial preferences, some strong, others intermediate. Those preferences develop into dominances, and with the right research and awareness, we can adapt and leverage those preferences to improve performance and results.
Despite a rapid increase in digital and mobile payment options, consumers of all ages are still asking themselves: “How safe is my financial and personal information when I pay?” As it turns out, consumers are motivated by two primary needs when making payments: convenience and security. The good news is that credit unions are well-positioned to deliver on both.
Some of the key findings from PSCU’s Eye on Payments study that we will highlight in the coming weeks include:
- 13 percent of credit union members have been a victim of card fraud and four percent have had their identity stolen in the last year alone.
- While one third of respondents use digital payment methods, those methods are still perceived with mistrust. Thirty-eight percent of those surveyed cited concerns about security as a reason for not using digital payments.
- Nearly three-fourths of people agree that they make decisions about how they will pay for something primarily based upon which option is the most secure.
- Baby Boomers prefer to use credit cards more than any other age group. They are also more likely to use a credit card over cash, which breaks the stereotype that Boomers are set in their older ways. Though they engage less frequently with payment apps, they do not lag far behind other age groups in terms of their app usage.
Our team of PSCU thought leaders, across a host of payments disciplines, is excited to launch this platform and share key results from our Eye on Payments report in the coming weeks. We are eager to engage, and will hopefully inspire you to deliver possibilities for your members. We invite you to subscribe to receive notifications when new PSCU blogs are posted.
Again, welcome. Here’s to delivering good possibilities!
Chief Marketing Officer