Credit union members want rewards, but too few use existing programs. New investments and external partnerships could help institutions turn that demand into stronger relationships.
For credit unions (CUs), winning a member’s business involves more than opening an account. The institution must also earn a place in the member’s everyday spending decisions, where rewards and cashback can influence which card gets used. Yet many CUs have not translated strong member interest into widespread rewards participation, leaving room for competing financial institutions to capture more transactions and strengthen their own customer relationships.
New research from PYMNTS Intelligence and Velera examines the gap between rewards demand and adoption, the opportunity to attract new members and the partnerships that could help credit unions respond.
Loyalty today is more than points or a program; it’s an outcome that issuers are looking to drive. Credit unions that create meaningful, relevant rewards experiences are better positioned to increase card usage, strengthen loyalty and become the primary financial institution for more members. The opportunity is not simply to offer rewards, but to make them an intentional part of a broader strategy for deepening member engagement and fueling long-term growth.
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Rewards influence which cards consumers use and which financial institutions they prefer. The opportunity extends beyond program participation to spending and primary banking relationships.
Rewards can influence the everyday decisions that determine where card spending goes.
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