CU Growth Outlook 2023: Fueling Financial Performance Through Daily Member Engagement

Summary: U.S. consumers face increased financial insecurity driven by inflation, rising interest rates, and reduced savings. Economic instability is reshaping consumer financial behaviors. Inflation, rising debt, and decreased savings have shifted consumer trust away from traditional security to capabilities, intensifying competition for consumer attention. Credit unions face a critical opportunity to deepen member relationships by addressing daily financial interactions and micro-transactions. Velera, in partnership with EY and Mastercard, analyzed evolving consumer behaviors, spending psychology, and payment preferences.