Seeing the latest consumer payment data during the pandemic percolate from various industry surveys and studies has been quite fascinating. It's also been quite an eye opener for credit unions researching this behavior and adjusting strategies to better serve members as the economy tries to restart.
To get details on their survey, we invited SRM EVP Michael Carter on the show. Michael shared key findings from SRM's recent survey that captures financial institution responses and consumer payment patterns in a prolonged pandemic environment.
Here are some of the key findings Michael provided:
Digital growth, as expected, is well above the pre-pandemic norm
Nearly half of the institutions reported decreases in credit card activity
"Expand/Improve Digital Channels" as their most critical initiative going forward (FIs)
Always fascinating and an education talking to Michael. Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.