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6 misconceptions about credit unions

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Banks offer advanced technology
Banks offer advanced technology © Alberto Zornetta/Shutterstock.com

If you believe that credit unions may not be as cutting edge as banks with online and mobile banking, you're probably not alone, says Terry Redding, vice president of marketing and product development at CFI Group, a research firm in Ann Arbor, Mich., that studies consumer sentiment.

"Credit unions have been slow to jump on the bandwagon to aggressively promote their online and mobile offerings," Redding says. "This applies to both recruiting new members and in promoting the features and benefits to their existing members."

While Redding expects credit unions to promote technology more aggressively, it's not necessarily true that there's a technology gap.

In fact, 2013 CFI reports indicated that credit union members were highly satisfied with their financial institutions and their banking technology. Banks scored an 86 out of 100 in online and mobile banking versus 90 out of 100 for credit unions.

"Our research shows us that the perception that credit unions are behind the curve does not hold water," he says.

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