#3071: PSCU's 'Eye on Payments' Reveals Choice and Variety Drive Payment Preference...

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PSCU Tom Pierce and Norm Patrick returned to the show to share the latest discoveries from the 2022 Eye on Payments study. The overall theme of this year's study, which surveyed 1,750 credit unions member and non-members nationwide, revealed that choice and variety drive payment preference amid economic uncertainly heading into 2023.

​Through research gathered in Eye on Payments, Tom and Norm shared the following:

• The factors that influence consumer behavior when it comes to the choice and usage of traditional and emerging payment methods across multiple payment scenarios
• The evolution of how consumers are interacting with their credit union or other financial institution, and how they anticipate doing so in the future
• How current and anticipated economic events impact payment choice
• How and why payment method preferences differ among income levels and generations
• Recommendations for credit unions to better fulfill member payment preferences and needs, based on these findings

One of the biggest takeaways Tom and Norm shared is that as consumers seek variety, choice and personalization, it is no longer enough for credit unions to focus on share of wallet. Today, they must also fight for share of mind.

Consumers expect the highest level of service and variety of offerings, and they want different channels in which to make purchases, transact and interact with their financial institution, among other activities. Credit unions must make an effort to understand what types of payments offerings and services are of interest to their current membership base, as well as to potential members they hope to attract.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.