Having recently celebrated International Credit Union Day on Oct. 15. it's worth reflecting on one of the things that makes credit unions different: trust.
Members join a credit union because they believe it knows them and has their back. That trust is an advantage, and it raises the bar for digital security.
A recent State of Digital Banking Security survey of U.S. consumers who bank with smaller financial institutions, including credit unions, found that more than 90% consider security a top factor when choosing a financial institution. And 43% say they would consider leaving their institution based on its authentication methods alone.
For credit unions, those numbers should be a wake-up call because authentication choices now affect member retention.