Callahan’s Internet Strategy Consortium, a shared cost research group for credit unions, has announced plans to investigate member preferences for debit and credit in their next online member survey, scheduled to launch in May 2010.
Credit union debit and credit card programs face a number of challenges and opportunities, given Card Act changes, the threat of interchange regulation, and Overdraft Opt-In requirements. The study will explore the ways that different generations use debit and credit, such as Gen Y and Baby Boomers, along with their bill payment preferences.
Denise Senecal, Research Manager at Callahan & Associates, explains, “Understanding the reasons that members are selecting various payment methods can help credit unions develop the right product benefits, online tools and rewards programs to effectively ensure that their cards remain top of wallet. As more and more credit unions weigh the value of debit and credit rewards programs to increase loyalty and incentivize use, they need data to ensure that they are targeting member needs.”
The Internet Strategy Consortium is a group of credit unions who conduct online member surveys focused on enhancing the online channel. The online survey will include questions related to member use of pin vs. signature debit along with their motivation, as well as product features and benefits that could make them change their debit or credit usage. The survey will also include optional questions for credit unions interested in surveying members on their opt-in preferences.