BOSTON – Credit unions’ investments in technology are paying off, as CUs are closing the gap with larger banks when it comes to online convenience, a new study indicates.

A study of more than 1,400 consumers by market research firm Chadwick Martin Bailey found credit unions are altering the perception that they are less tech-savvy than larger banks. The report revealed that while larger banks have a reputation for offering the most online and mobile services, credit union members report online banking usage that is just as high as larger bank customers, and they give their institutions higher marks on performance. The ease of online and mobile banking is making the difference, the study showed.

“These findings suggest a new banking value proposition is emerging,” said Jim Garrity, managing director of Chadwick Martin Bailey’s financial services practice. “The growth of online and mobile banking services means convenience and accessibility don’t belong solely to large bank customers.  The banks that are able to provide secure, usable, and reliable online services combined with top notch service will be most competitive.”

 

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.