For the second year in a row, PSCU set out to uncover payment preferences among credit union members and other financial institution customers (“non-members”), and we saw some interesting shifts in results over the past year.
This year’s release of our annual Eye on Payments study was developed to gain a better understanding of the factors that influence consumers when it comes to their choice and usage of different payment methods, and how these factors may vary among different life stages. For our credit unions, this data shows how you can better meet these preferences and needs to drive member experience and growth.
Convenience and ease of use trumped security in 2019, and were reported as the main drivers behind a consumer’s choice in payment method. Last year, consumers were most motivated by convenience and safety. A decrease in the number of consumers impacted by fraud over the past year, coupled with mobile card alert advancements that give consumers greater control over their transactions, may help explain why security and safety are no longer the key deciding factors behind how consumers pay.
While our Eye on Payments study is available for download now, here are a few highlights from this year’s findings that you can put to use today.
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