How Credit Unions Drive Member Engagement

Credit unions (CUs) are teaming up with other firms to stay competitive in the financial space. In Europe, strong customer identification (SCA) guidelines will shift checkout flows for transactions. And in retail developments, smart vending machines have the power to change the way consumers shop, and merchants are starting to experiment with artificial intelligence (AI) technology. All this, Today in Data.

Data:

5,613: Number of U.S.-based credit unions in operation as of January 2019.

300 million: Approximate number of consumers who will need to confirm their identities through two methods under SCA guidelines.

80 percent: Share of customer interactions projected to be handled by AI in 2023.

60 percent: Increase in credit union membership in the past 20 years.

50 percent: Share of millennials who have indicated they are “more likely” to visit stores with intelligent retail or automated checkout facilities than standard retail outposts.