Survey reveals solid relationship with a payment processor is critical for credit unions
2022 MAP Happiness Payment Report from Member Access Processing (MAP) reveals new member priorities in the credit union industry
SEATTLE , WA (March 14, 2023) — Member Access Processing (MAP), the nation’s leading provider of the Visa DPS Debit, Credit, ATM, Prepaid, and Mobile Processing platform to credit unions, today released its 2022 MAP Happiness Report, a longitudinal survey of credit union leadership to critically assess their institution’s “happiness” with their card processing and payment solution providers.
The 2022 MAP Happiness Payment Report from Member Access Processing (MAP) revealed nearly 65 percent of credit union stated that their card processor is “Very Important” to the success of their credit unions. Less than nine percent rated the processor relationship “Somewhat Unimportant” or “Not Important.”
“As one of a credit union’s most important relationships, the support and ease of day-to-day interactions is crucial to credit union happiness,“ said Cyndie Martini, President and CEO. “The true value of a solid card processing relationship is dependent on many factors and requires a commitment to engaging a credit union at all levels of the relationship. MAP’s enduring relationship with our clients comes from our commitment to serving the credit union staff as they would serve their members.”
The results of this year’s Happiness Report were consistent with past surveys. For the fourth consecutive year, respondents listed “Credit Union Advocacy or Credit Union Service Organization” as the top consideration for choosing a card processing provider, followed closely behind by a processor’s “Competitive Product Offering.”
However, happiness grew significantly from 2021. A significant majority of respondents stated they were “Very Happy” with their debit (69.5%) and credit (67.1%) programs. This is an 18-point increase for debit and nearly a 17-point increase for credit from 2021 even though the engagement measure of card processing providers has remained relatively unchanged since then.
A primary reason for the increased happiness is that credit unions are feeling more confident in their card services capabilities. In response to whether they are concerned “that members may leave your credit union if your card services don’t offer the most current capabilities”, respondents have stated they are less concerned than in 2021 and prior years. The spike and subsequent return to normal undoubtedly reflects the increasing credit union members’ reliance on card services which grew substantially during the early part of the pandemic. Though the preference for card services and card usage were rising prior to 2020, the numbers increased rapidly in 2020 and 2021. The current satisfaction and confidence seem to indicate that credit unions are adjusting to this new normal of credit and debit card reliance.
MAP’s Happiness Payment Report is conducted annually by the credit union-owned issuer and processor, measuring how credit union executives feel about their credit and debit programs and how important those programs are to their institution’s success. The report surveyed 209 credit union executives in the U.S. about their debit and credit payment providers. Respondents were executives and department directors in the areas of credit union operations, card management, risk management, lending, finance, and IT.
To view the study’s full report, please click here.
About Member Access Processing
Member Access Processing (MAP) is the nation’s only card processing aggregator of the Visa Debit Processing Service platform for credit unions. MAP’s special role in the marketplace provides its client credit unions the unique opportunity to leverage the Technology, Security, and Service of Visa for their members. As a Credit Union Service Organization, MAP is committed to the credit union movement and values its credit union clients first and foremost. Working directly with Visa, MAP offers customized, turn-key Debit, Credit, ATM, Mobile, Prepaid-Reloadable, and Gift solutions — all supported by MAP’s five-star training, support, and service.
