Why Top Performing Credit Unions Lose Fewer Members

Credit Union Innovation Readiness Report: The Real Story Behind Member Churn

Find out the digital and mobile keys to the hearts, minds and wallets of high-value credit union members. PYMNTS identified these success factors by surveying nearly 16,000 consumers and 2,000 SMBs in “Credit Union Innovation Readiness: The Real Story Behind Member Churn,” a PYMNTS Intelligence and Velera collaboration, uncovering exactly what keeps members from leaving.
In this report, learn:
  • Only 18% of Gen Z switchers would pick another credit union.
    Younger members looking to leave aren’t just changing credit unions, they’re abandoning the credit union model altogether, favoring national banks.
  • Credit union members using their CU cards as primary are 57% less likely to leave.
    A simple measure of engagement, like achieving top of wallet status, dramatically reduces the likelihood that a member will switch. 
  • Urban small businesses are twice as likely as rural ones to strongly consider switching.
    The more competition there is among financial providers, the stronger the temptation becomes for SMBs to move accounts elsewhere, despite perceived loyalty.

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    Credit Union Innovation Report

    The 2025 Credit Union Innovation Readiness Index: Closing Gaps, Winning Members
    Credit Union Innovation Readiness Index: The Smallest Credit Unions Step It Up
    Navigating the Evolving Landscape: FinTech and Credit Union Partnerships
    Credit Union Innovation Readiness Index: The Path to Top-of-Wallet Conversion
    Roadmap to 2030: The Seven Strategic Planks for Credit Unions to Capture Top of Mind
    How FinTechs Can Align With Credit Union Innovation Agendas
    How Top-Performing Credit Unions Innovate to Stay Competitive
    How CUs Can Drive Engagement with Self-Service Banking Innovation
    2024 Credit Union Innovation Readiness Index
    The FinTech Innovation Agenda
    How Credit Union Innovation Can Drive Gen Z Engagement
    Growing Credit Union Membership via Lending and Omnichannel Banking Innovation
    2024 Credit Union Innovation Readiness Index - January 2024
    How Credit Product Rates Impact FI Selection
    Credit Union Membership and Credit Profiles
    Staying Ahead Through Payments Innovation
    Bridging the Cryptocurrency Divide — Why Members Want Access, Why Credit Union Executives Resist
    Product Development Slowdown Tests Member Loyalty
    Cryptocurrency As A Key To Member Loyalty
    The Race To Meet Consumer Demand
    Product Innovation As The Key To Membership Growth
    Responding To Member Demands For Digital Financial Services
    Credit Union Innovation Playbook
    Credit Union Innovation Study - July 2021
    Credit Union Innovation Playbook Touchless Payments Edition
    Credit Union Innovation Study - February 2021
    Credit Union Innovation Playbook: Card Trends Edition
    Credit Union Innovation Playbook: Microbusiness Opportunity Edition
    Credit Union Innovation Playbook: Challenger Banks Edition
    Credit Union Innovation Playbook: New Payment Flows Edition
    Credit Union Innovation Index - March 2020
    Credit Union Innovation Playbook: Loyalty Innovation Edition
    Credit Union Innovation Playbook: Data Analytics Edition
    Credit Union Innovation Playbook: Digital Banking Edition
    Credit Union Innovation Playbook: Trust But Verify Edition
    Credit Union Innovation Index: A 360 Degree Look at What's Driving Credit Union Innovation