The U.S. debit card market accounts for approximately 70 billion transactions worth over $2 trillion in dollar value. Even as the payments industry undergoes rapid changes, debit remains the second most frequently used form of payment behind cash, according to the Federal Reserve.
This presents an extraordinary opportunity for credit unions. Debit continues to play a central role in the everyday lives of members and a constant reminder of the relationship between members and their primary financial institution. In addition to providing non-interest income, debit therefore is a crucial part of building member relationships and credit unions benefit from utilizing strategies to optimize debit card issuance, usage, service and management.
CO-OP SVP, Debit/Prepaid/Shared Branch Product Dr. Kathy Snider sat down with Sarah Grotta, Director of the Debit and Alternative Products Advisory Service at Mercator Advisory Group to discuss the results of the 2018 Debit Benchmark Study. Commissioned by CO-OP and Mastercard, the study surveyed 240 leaders at credit unions of varying sizes to help them assess the success of their own debit portfolios and to uncover new ideas about how to better serve their members with debit.
Listen to the full interview:
Optimizing Debit at Your Credit Union
Read our 2018 Debit Benchmark Study to discover where members are engaged in and actively using debit products and discover strategies to help boost debit penetration, activation and usage.