Recent news about the growing number of credit unions replacing “free” checking with checking accounts that include more value-added features is a clear indication that credit unions are listening to what their members really want. Consumers and credit union members want something of real value and they’re willing to pay for it.
As recent articles published in 2019 have pointed out, many credit unions have seen the pitfalls of pushing “free checking.” Often, members who have free accounts begin to feel “nickel-and-dimed” and misled due to fees such as check reorders, ATM transactions and overdrafts.
Furthermore, in 2018, Cornerstone Advisors published survey results that indicated millennials want and are willing to pay for non-financial services that come as valued-added features with their accounts at financial institutions. According to the study, the majority of millennials want value instead of free – especially when it comes to services that provide data and identity protection. These value-added services are excellent ways for credit unions to facilitate more profound relationships.
October is National Cybersecurity Month and statistics from the Federal Trade Commission Consumer Sentinel Network Data Book 2018, indicate that 64% of Americans have had their data compromised from a data breach. The same study stated that over 31% of breach victims have experienced an ID theft.
The increasing dangers presented by the recent avalanche of data breach events such as Capital One, DoorDash and Zynga (publisher of mobile games such as Words with Friends), creates an environment of uncertainty for all consumers & including your members. This is the perfect time to enhance your services to protect members beyond the walls of your institutions and provide them with peace of mind. Embed more valuable protective services into your financial account offerings and secure your membership for years to come.
For more information contact Jim McCabe, EVP Vero @ at 480-699-2168 or jmccabe@veroproducts.com
**Re-Printed from CU Times, Online Magazine
