Credit Unions Are Missing the Rewards Their Members Want Most

A recent report highlights the potential for credit unions to boost member engagement and spending by offering rewards programs. The "The Rewards Opportunity Credit Unions Can No Longer Ignore" report, co-published by PYMNTS Intelligence and Velera, examines how credit unions can tap into the desire of consumers to use the card that delivers the greatest reward.

The study reveals that 60% of members with multiple cards utilize them to maximize rewards, presenting a significant opportunity for credit unions. Among those currently banking elsewhere, 39% of members would switch to a credit union if better rewards were offered. Smaller credit unions, in particular, have an untapped potential, with only 31% currently providing rewards, while 43% plan to introduce a program within three years.

The report underscores the importance of early action, as 58% of smaller credit unions open to partnering expect to collaborate with a partner on rewards programs. With member engagement now a top priority for 53% of credit union executives, credit unions that swiftly implement rewards programs are more likely to attract and retain members.