Credit unions that lag on digital strategy lose out on member loyalty

For financial institutions of all types — but especially credit unions — the great digital shift has taken on special urgency over the past 18 months.

Most of them, at least. PYMNTS/PSCU joint research recently found that as many as 15% of CUs still haven’t committed to a comprehensive digital strategy to modernize operations and respond to members’ (and prospective members’) demands for a better customer experience.

In a conversation with PYMNTS, Jeremiah Lotz, managing VP, digital and data at PSCU, said credit unions that make the necessary investments into digital experiences are reaping the rewards. To put it simply: Members are keeping their accounts with their credit unions — and even interacting with them more frequently. Especially, he said, as the pandemic (eventually) fades into the rearview mirror.

“The idea of returning to ‘normal’ is unique and different for every member — but all consumers are looking for strong digital experiences across everything they do,” he noted.

 

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