Consumer Payment Preferences are Transforming

The economy has been top of mind for consumers throughout 2022 and into 2023. In a survey by PSCU, nearly nine in ten consumers stated they were worried about the economic outlook, while three-quarters also reported they were concerned about their personal finances. In response to economic uncertainty, consumers want choice and variety when making purchases and transacting. In fact, most consumers said they are using a greater variety of payment methods than they did a few years ago, including digital payment options. We have Tom Pierce, CMO of PSCU on the Banking Transformed podcast. He shares the results of the most recent Eye on Payments study done by PSCU and provides insights into how financial institutions can better serve members and customers. This episode of Banking Transformed Solutions is sponsored by PSCU Through this annual research, discover how PSCU explores the factors that influence consumers when it comes to their choice and usage of different payment methods, how these factors may vary among different life stages and economic events, and how credit unions can better serve their members and optimize their offerings to adapt to these evolving preferences and needs – both now and in the future.  Visit www.pscu.com/eye-on-payments for more information.