"Payments continue to grow in importance for members and credit union leaders alike,” said Cyndie Martini, MAP President/CEO. “The success of a credit union’s payment portfolio – debit, credit, mobile, digital – is pivotal to success and long-term viability of the credit union,” she said.
SEATTLE (PRWEB) February 02, 2021
2020 MAP Happiness Payment Report from Member Access Processing (MAP), the nation’s leading provider of the Visa DPS Debit, Credit, ATM, Prepaid, and Mobile Processing platform, showed a significant jump in the importance of a credit union’s card processor. Nearly 66 percent of the survey’s respondents stated their card processors were “Very Important” to the success of the credit union, an increase of more than 12 points from the prior year’s survey.
MAP’s Happiness Payment Report is produced annually by the credit union-owned issuer and processor, measuring how credit union executives feel about their credit and debit programs and how important those programs are to their institution’s success.
“Payments continue to grow in importance for members and credit union leaders alike,” said Cyndie Martini. “The success of a credit union’s payment portfolio – debit, credit, mobile, digital – is pivotal to success and long-term viability of the credit union,” she said. This year’s Annual Happiness Payment Report is proof that credit unions see the importance of payments in driving the rest of their business.”
Consistent with prior year’s surveys, the respondents were happy with their credit unions’ Card Payment and Online Banking services. The report revealed that just over half were “Very Happy” with their debit (56.54%) and credit (57.01%) programs. However, the importance of the card processor jumped significantly.
The Happiness Report also asked about the credit unions’ response to the pandemic. Overall, the pandemic took its toll on credit unions according to survey respondents. While most (79.81%) said they were prepared, more than half said they had to make many adjustments (55.87%), with less than a quarter (23.94%) claiming there were few or no adjustments necessary. Nearly half (48.13%) stated the pandemic was “Very disruptive” to day-to-day operations and only 6.54% said it was not at all disruptive. Nearly three quarters (73.36%) said they were ready if the pandemic continues for 6 to 12 more months.
During the month of December 2020, the MAP Happiness Payment Report surveyed 214 credit union executives in the U.S. about their debit and credit payment providers. Respondents were executives and department directors in the areas of credit union operations, card management, risk management, Lending, Finance, and IT.
To view the study’s full report, please click here.
About Member Access Processing (MAP)
Member Access Processing (MAP) is the nation’s only card processing aggregator of the Visa Debit Processing Service platform for credit unions. MAP’s special role in the marketplace provides our client credit unions the unique opportunity to leverage the technology, security, and service of Visa for their members. MAP is a subsidiary of Currencē Payment Solutions, a Credit Union Service Organization, with an unrivaled commitment to the credit union movement, where credit union are valued first and foremost. Working directly with Visa, MAP offers customized, turn-key Debit, Credit, ATM, Mobile, Prepaid-Reloadable, and Gift solutions — all supported by MAP’s five-star training, support and service.