Read the original full report from PYMNTS here.
Here is a brief summary of the article:
- Consumers are increasingly shopping around for the best deals on credit products, and they are willing to switch financial institutions to get them.
- Rates and terms are the most important factors for consumers when choosing a financial institution for credit products.
- Credit unions are not always meeting the needs of their members when it comes to offering a wide range of credit products, such as installment loans.
- CUs should invest in payment innovation and technology to provide a wider range of credit products directly to their members.
- More than half of CUs are planning to offer credit-builder loans within the next year.