Credit Unions Worried Their Card Services Won’t Meet Customer Expectations
According to a new survey from Member Access Processing, credit unions are worried about customer retention. Nearly half (44%) of credit union executives said they were “very concerned” members may leave due to insufficient card services and mobile offers. Another 36% said they were “somewhat concerned.”
Financial institutions appear to be combatting these risks, with over 55% saying they were “very happy” with their credit and debit card programs. Twenty-nine percent of respondents said that card services were their top priority, followed by online banking (20%) and mobile banking (18%).
These focuses fall in-line with a recent consumer survey from Kasasa. The study showed 84% of consumers pick services they want from a bank or credit union, then select a provider with those services. Top factors in this decision include ATM fee refunds (87%), digital banking services (79%) and credit card offers (71%).
Credit unions have always been known for providing superior customer service. This could offset some potential losses from lackluster card services. Research from Computer Services, Inc. shows consumers expect more from in-person banking now that there are better digital services available. If credit unions can remain on-par with today’s technology standards, they may be able to maintain their customers with quality support when customers enter a branch.