Access Softek, Inc., a digital banking platform provider, surveyed more than 500 credit union members to better understand how the COVID-19 pandemic has affected their behavior toward and interactions with their credit union. The survey, conducted by Google Surveys between July 9, 2020 and July 13, 2020, found that more than 20% of members believe their visits to the branch will permanently decrease after the pandemic.
Read More: Huobi Introduces Request for Quote for Electronic Trading and Voice Trading
#Survey from @AccessSoftek finds 1 in 5 #creditunion members anticipate fewer branch visits post-COVID
With decreased access to branches and increased safety concerns, members have discovered new features and a new value in their digital banking solutions. Nearly 30% of members responded that they will continue to use these new, recently-discovered features in their digital banking experience, and 34% reported they will be able to better accomplish their financial needs via digital channels.
Almost half of credit union members do not plan to change their frequency of branch visits after the pandemic when compared to their frequency of pre-pandemic branch visits. This is an indicator that digital solutions have enabled many members to bank as usual, even during unprecedented interruptions.
Read More: Banks Are Experiencing a Kodak Moment: Lessons Learned from a Fallen Giant
Despite the 20% decrease in branch visits, the affinity towards one’s credit union has increased. Only four percent of members are more likely to leave their credit union post-pandemic, and by a factor of more than three to one, members reported they were less likely to leave their credit union than more likely.
“This is encouraging news for credit unions. Even during unforeseen circumstances, they have maintained member relationships and, in many cases, increased loyalty,” said Chris Doner, founder and CEO of Access Softek. “Digital has been instrumental in their success, as online and mobile solutions allow members to continue banking, virtually uninterrupted.”
Read More: GlobalFintechSeries Interview with Chuck Klein, Chief Executive Officer & Founder at IMM
