Why member choice in payments matters

With so many competing financial tools, options, and convenience readily available 24/7, members expect flexibility and control in every aspect of their banking experience—especially regarding payments. The ability to send and receive money seamlessly across multiple platforms is no longer just a "nice-to-have." It's an essential part of member satisfaction.

Peer-to-peer (P2P) payments have seen remarkable growth in recent years, which is expected to continue. In fact, the global P2P payments market is estimated to have reached $2.6 trillion in 2023 and is projected to reach over $11.62 trillion by 2032.¹ This projection shows that P2P payments have already been embraced by consumers, having revolutionized the way we send and receive money. By offering members the flexibility to choose whom they want to send money to, credit unions can empower their members and provide a more convenient and personalized experience. With P2P payments, members can quickly transfer funds between friends and family, pay bills, and split costs for shared expenses.

Options like white-labeled P2P solutions enable credit unions to empower their members with additional functionality. By offering recipients the flexibility to choose their preferred deposit method, such as a checking account or a third-party wallet like PayPal or Venmo, credit unions can enhance the overall member experience. This increased control and convenience can lead to greater member satisfaction, loyalty, and the potential for referrals as payment recipients engage with the transaction messaging.

At the heart of any successful credit union is its ability to meet—and exceed—member expectations. Empowering end users to decide how and where they receive their funds is a member-centric model that fosters loyalty by giving people more control over their financial interactions, something that's especially important for younger generations who prioritize convenience and customization in their financial services. For credit unions, the message is clear: empowering members with choice is no longer optional – especially for the 72% of Gen Z users who now expect banking to be tailored to their needs.²

The modern credit union must cater to a tech-savvy, omni-channel member base, especially as 95% of consumers use multiple channels, even within a single interaction with a financial institution.³ Integrating payment solutions seamlessly into your existing banking infrastructure enables you to offer flexible and fast services like P2P, increasing the value of your digital platform.

This flexibility enhances the overall member experience. Credit unions can cultivate a more satisfying and personalized interaction by allowing clients to pay on their own terms. The rise of omnichannel banking is transforming how people manage their finances, and credit unions are facing a choice: get on board or get left behind.

In a crowded marketplace, the ability to implement new technologies quickly and effectively can be a game changer. Credit unions must look for technology that can set the FI apart from competitors, such as flexible P2P solutions that can be integrated into a credit union's existing systems. Cumbersome onboarding processes bind many payment platforms. However, some solutions ensure that credit unions can start offering enhanced payment solutions in a fraction of the time.

Moreover, flexibility isn’t just about member satisfaction—it’s a key factor in competitive differentiation. Credit unions that adopt the omnichannel approach can more easily meet the diverse needs of their client base, from tech-forward members to those who prefer more traditional options. This adaptability allows credit unions to stay ahead of the curve and attract a broader audience.

In a world where member expectations are constantly evolving, credit unions must rise to the challenge by delivering more than just basic services. Offering a versatile, member-centric payments experience—one that empowers users with real choices—has become the cornerstone of building trust, loyalty, and competitive strength. With innovations like omni-channel and P2P payment solutions, credit unions can position themselves not just as providers, but as partners in their members' financial journeys. As member choice becomes the new standard, it’s clear: in today’s market, adaptability and responsiveness are the keys to lasting success.