COVID-19 drives surge in digital adoption
The payments landscape can be impacted by a number of factors, ranging from new options affecting how consumers make everyday purchases to global trends and events. 2020 has seen its fair share of upheaval, which has impacted consumer behavior in ways few experts could have predicted. For the third year in a row, CUESolutions Bronze provider PSCU, St. Petersburg, Florida, set out to gauge payment preferences among credit union members and customers of other financial institutions (“non-members”) and how they shifted over the past year.
Through this annual research, PSCU explores the factors that influence consumers when it comes to their choice and usage of different payment methods, how these factors may vary among different life stages and economic events, and how credit unions can better serve their members and optimize their offerings to adapt to these evolving preferences and needs—both now and in the “new normal.” PSCU’s Eye on Payments shares key study findings, along with takeaways that credit unions can leverage as the payments landscape continues to evolve.