Checking and Debit Card Account Trends: Credit Unions Crack the Code
Report Summary
Checking and Debit Card Account Trends: Credit Unions Crack the Code
Credit Unions Are Clear Winners In A Post-Durbin World.
Boston, August 1, 2013 - The 2011 enactment of the Durbin amendment created winners and losers among U.S. retail banking entities. Though large debit card issuers and financial institutions number among the losers, credit unions are clearly among the winners, boasting an interchange rate advantage and high acquisition potential for checking accounts, debit card accounts, and transaction volume. Keen to cross-sell credit cards to checking and debit card account members, credit unions continue to ignore prepaid debit product opportunities. Download this report to learn what’s on the minds of credit unions and how to partner with or compete against them.
Based on a May 2013 Aite Group survey of 67 U.S. debit card credit union executives at credit unions with assets of less than US$10 billion, this piece by senior analyst Madeline Aufseeser identifies market trends, opportunities, pricing sentiments, and key areas of focus for core retail products, including checking and debit card accounts. It also provides credit union perspectives on cross-selling prepaid debit cards and credit cards to checking and debit card customers.
This 36-page Impact Report contains 30 figures. Clients of Aite Group's Retail Banking service can download the report.