By Eko
Today, less than 1% of Americans invest with their credit union, with the majority opting for third-party apps such as Betterment, Acorns or Robinhood. As a result, FIs are not only losing deposits, but also members to third-party firms who are actively promoting their high-yield bank accounts and credit cards.
At the same time, 53% of Americans indicate that they prefer to invest their money with their credit union, a place they already know and trust.
Credit unions who don’t offer a low-threshold digital investment solution are missing out, while CUs who offer digital investing increase their number of investing members from <1% (today’s average) to 9.7% within a year, while also increasing stickiness, non-interest revenue and attracting younger members.
