Consumer perception doesn’t have to be reality

Consumer perception is an important driver of growth in any business, but especially in the financial services industry. This is both good and bad.

On the one hand, according to the year-end figures published by the Credit Union National Association (CUNA), credit union membership grew 4% in 2015, due in large part to the positive perception of the credit union value proposition.

On the other hand, the lingering perception that credit unions have sparse surcharge-free ATM access — and many fewer ATMs than banks — has limited their growth.

While consumers like the idea of joining credit unions for such benefits as favorable interest rates on savings, at the end of the day, they want convenience. When people need cash, they don’t want to drive 50 miles — or even 10 miles — for the nearest surcharge-free ATM in their network. But, as market research has shown, many consumers believe that joining a credit union will mean they have to do just that.

Fortunately, perception doesn’t have to be reality.

Expanding your ATM network is as easy as aligning your credit union with the right EFT network provider. By joining the right EFT network, you can offer your members the same broad, ATM access they can get from the big banks, without the usual, associated negative issues. In addition, the right network provider can provide added benefit, such as ATM Fleet Management, which helps offload the time-intensive burden of coordinating multiple vendors, keeping up with regulatory and industry changes (like the transition to EMV) and large capital investment.

Working with the right EFT network gives your credit union access to cutting-edge services, such as a mobile app that helps members easily locate surcharge-free ATMs.

Ultimately, by working with the right ATM network provider, your credit union will not only expand its footprint, but also become more enticing to consumers. And, by offloading ATM management to a trusted network partner, you can refocus your energies on helping members see how working with your credit union is both convenient and cost-effective.

The number of ATMs worldwide is expected to grow by more than 25%, from 2.6 million at the end of 2013, to approximately 3.3 million by 2017, according to the Mercator Advisory Group — even as mobile technology usage grows. To keep up with industry trends, ensuring that your ATM footprint expands, is only going to become more important as time goes on.