Significantly outpaces industry growth rates for 2019 holiday season
St. Petersburg, Fla. — (Feb. 6, 2020) — PSCU, the nation’s premier payments credit union service organization (CUSO), today reported year-over-year debit and credit sales volume growth of 7.86% among its Owner credit unions during the 2019 holiday season, significantly outpacing a recently reported market rate of 4.1% by the National Retail Federation (NRF). PSCU Owner credit unions also benefitted from substantial year-over-year transaction growth of 7.14% during the period.
In line with PSCU’s findings from its 2019 Eye on Payments study, which showed an increased preference for debit among consumers, debit growth outpaced credit growth for PSCU Owner credit unions during the 2019 holiday season. Debit sales volume grew 8.76% year over year and debit transactions grew 7.4%, while credit sales volume and transactions both grew at 6.4% for PSCU credit unions.
“Despite six fewer shopping days between Thanksgiving and Christmas in 2019 than in 2018, PSCU Owner credit unions saw nearly double the year-over-year market growth rate in sales,” said Scott Wagner, executive vice president, chief revenue officer at PSCU. “We are pleased that our efforts to help drive sustained growth and an unparalleled experience for our credit unions are helping them continue to outpace the market. PSCU’s Advisors Plus continues to help our credit unions optimize their portfolios, fuel sustained growth, accomplish their goals and maintain top-of-wallet status with their members.”
To calculate 2019 holiday data, PSCU’s Data & Analytics and Advisors Plus teams compiled and analyzed information from credit unions that leveraged the CUSO for debit and/or credit processing during both the 2019 and 2018 holiday shopping periods. PSCU compared year-over-year data from two full-month periods. Additional observations from the 2019 holiday season include:
“Detailed, comprehensive and accurate data and analysis are critical to both PSCU and our Owner credit unions,” said Tom Gandre, executive vice president, chief operating officer at PSCU. “As we consult with our credit unions to help develop tailored growth solutions, having this data available is essential to guiding decisions as we work together to provide the most relevant, effective solutions for their members.”
PSCU’s extensive analytics services and products leverage data from billions of transactions annually. The company’s industry-leading suite of advanced analytics tools, Member Insight, helps credit unions uncover the information they need to understand the performance, profitability, growth opportunities and risk mitigation in their credit, debit, bill pay and ATM portfolios.
About Advisors Plus
Founded in 2004, PSCU’s Advisors Plus offers consulting services for credit unions to help fuel growth and achieve financial and business goals. From project analysis to implementation and management, Advisors Plus offers an end-to-end portfolio of consulting services including business strategy, business and affinity cards, credit and debit cards, contact center optimization, risk and collections analysis, branch sales training, marketing services, and B2C campaign execution. Whether your credit union is looking to expand its offerings, build a legacy of community involvement, create the strongest possible capital footing – or all of the above – Advisors Plus consultants bring the strategic vision, deep industry expertise, and proprietary data analytics needed to help credit unions better serve their members and their communities. For more information, visit advisorsplus.com.
PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.