MAP Newsletter - Winter 2024 - Flipbook - Page 8
Now in it’s sixth year, the MAP annual report on credit
union happiness describes the reasons card payments
are fundamental to member satisfaction and institutional
growth. Happiness and credit unions are connected in
numerous ways.
As community-based financial institutions, credit unions
prioritize the well-being of their members. Credit unions
foster a sense of community and social connections
whose community-oriented approach contributes in
multiple ways to the happiness of their members.
Moreover, credit unions’ cooperative model, where members are also owners, involve members in decision-making
processes and enhance the sense of ownership and
empowerment among their members. Positive customer
experiences and satisfaction with financial services
contribute to the overall happiness of credit union members.
Happy” with their card processor. For both debit and credit “Somewhat
Happy” increased by more than 10 percentage points from prior years while
Finally, happiness research consistently shows
“Very Happy” decreased by more than 10 percentage points.
that financial stability and security are important
The added expense and
contributors to overall well-being. Credit unions,
Disputes and Chargebacks topped the list for most difficult
additional resources
with their emphasis on providing affordable financial
to manage, followed by Fraud, Network Compliance, and
required for managing Mobile Applications/Mobile Payments. The added expense
services and promoting financial literacy, positively
impact the financial well-being of their members,
Fraud and Disputes are and additional resources required for managing Fraud and
leading to increased happiness.
weighing heavily on credit Disputes are weighing heavily on credit union card and
operations management. and their dissatisfaction is evident
union card and operations
Member Access Processing (MAP), a credit unionfrom the 2023 report.
owned issuer and processor, publishes the Happiness
management, and their
Report annually. Now in its seventh year, the report
It’s no surprise that a majority ranked “Tools and Skills for
dissatisfaction is evident
measures how credit union executives feel about
Fraud Protection” and “Responsiveness to Credit Union
from the 2023 report. Issues” as the “Most Important” characteristics of a card
their credit and debit programs and how important
those programs are to their institution’s success.
processor. In 2024, credit unions will be pursuing wideranging fraud solutions to respond to their growing requirements, with
Overall, the respondents were happy with their credit unions’ card processprocessor responsiveness being a crucial differentiator.
ing services. The report revealed that just over half were “Somewhat Happy”
with their debit (54.5%) and credit (53%) programs. This is a significant drop
Finally, credit unions see solid opportunities for growth in 2024. Responin credit union happiness from prior years, reflecting persistent issues with
dents listed Increasing Non-interest Income (Interchange) and Attracting
card fraud and the incomplete tools to respond to cardholder fraud and the
New Deposits as their top business priorities for their card programs in the
resulting member
coming year. With consumer confidence on the rise, gas prices dropping,
“Somewhat
happy” exceeds
disputes and chargeand an improving outlook on inflation, credit unions see 2024 as a year to
“Very happy” for
the first time
backs.
grow both membership and revenue.
For the first time,
respondents stating
they were “Somewhat
Happy” eclipsed
those stating that
they were “Very
The 2023 MAP Happiness Report surveyed 200 credit union executives in the
U.S. about their debit and credit payment providers. Administered at the end
of each year, the report surveys credit unions executives and department
directors in the areas of operations, card management, risk management,
lending, finance, and IT. View the full report at https://maprocessing.com/
map-white-papers/
2019
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2020
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2022
2023