LOMBARD, Ill. (9/14/15)--Another consumer study indicates that innovation is essential for credit unions and other financial institutions, especially if they want to keep younger members. This time nearly half (49%) of U.S. consumers surveyed say nontraditional providers will drive innovation in financial services, and 38% said they would consider nontraditional providers for future financial services.
Younger consumers in the survey of 1,200 U.S. adults by Lombard, Ill.-based Raddon Financial Group were more likely to consider nontraditional services such as PayPal (26%), Amazon (19%), Apple (16%) or Google (16%) for future financial services.
“U.S. consumers continue to trust that banks and credit unions will provide them with the highest quality and most secure financial services available, and they believe that the emergence of nontraditional financial service providers has the potential to drive innovation in the industry,” said Bill Handel, Raddon’s vice president of research.
“Innovation is essential if banks and credit unions want to remain at the center of consumer’s financial lives, as younger consumers have no qualms about going elsewhere if their demand for digital and mobile financial services are not being met,” he added.
The survey was conducted in February.