RANCHO CUCAMONGA, Calif. – Credit unions are bullish on their debit card programs heading into 2019, driven by rising instant issuance capabilities and increases in PIN debit transactions, according to a free, in-depth report now available from CO-OP Financial Services.
Findings from the report highlight several key trends for credit union issuers, including:
In addition to exploring trends like those above, the Debit Benchmark Report includes a comprehensive collection of pragmatic approaches to portfolio management for credit unions looking to improve the overall performance of their debit programs.
“Although the debit card is just one of a growing list of payment mechanisms available to credit union members today, it remains a consumer favorite,” said Todd Clark, CO-OP President/CEO. In fact, Debit card payments made up nearly 67 percent of card payments in 2017, according to Federal Reserve Board data reported last month.
“Debit card portfolio management, like every facet of financial services today, is only successful when it’s iterative,” said Clark. “As the leading debit card transaction processor in the industry, we believe it is incumbent on CO-OP to provide our credit union partners with valuable insights into the evolving channel – not only from a strategic standpoint, but also from a programmatic one.”
The Debit Benchmark Report was prepared by CO-OP in partnership with Mastercard and Mercator Advisory Group. The study analyzed survey responses from 240 U.S. credit union participants related to debit card usage, issuance and management.
Additional takeaways from the Debit Benchmark Report include:
Executives, debit card product managers and staff from all areas of the credit union industry are invited to download the debit report at CO-OP’s website.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.