MADISON, Wis.–Members may be receptive to an offer from their credit union, but whether they take the offer often comes down to how and when it is presented, according to several experts, who shared some good news and some challenging news when it comes to lending and the sale of ancillary products.
During its virtual Discovery 2025 meeting, TruStage shared some of the findings from its Consumer Lending Preferences Study—it conducted the first study in 2019 and now conducts it every other year—as well as what it has learned in testing certain offers to members.
The good news, said Corrin Maier, VP-lending payment protection with TruStage, is that consumers generally view loans as a positive thing necessary to helping navigate financial challenges. The company’s survey found some 80% of consumers believe loans help them build financial well-being throughout their different life stages.
Similarly, consumers have also indicated a growing willingness to use debt consolidation products to simplify their finances and regain control, Maier said.
An ‘Uptick’ Found
Maier said the TruStage research shows an “uptick” in the number of borrowers interested in products such as gap insurance, mechanical repair coverage and payment protection as they seek “greater peace of mind.”
“Nine out of 10 consumers are worried about their ability to make their loan payments. They have this worry that a life event could impact their ability to make their loan payments,” Maier explained.
The research found between the 2023 survey and the 2025 survey a 23% increase in the number of consumers expressing greater financial worries.
Those concerns can be seen in the chart.
“We have this opportunity to help consumers proactively plan for the unexpected,” Maier said. “Consumers are thinking ahead. They’re not just worried about today’s reality but also they’re worried about tomorrow’s risk.”
Not Everything is Rosy
But not all the news is positive. The research found a sharp increase in the number of consumers who use online-only banks.
“Sixty percent of the consumers we surveyed are using two or more financial institutions,” said Maier. “I also think it’s worth noting that 40% are using one financial institution type.”
Of those, the research found the single provider is often a large, national bank. Just 13% said they use only a credit union
“That means 87% of credit union members have accounts with other financial institutions,” Maier said, adding that for the single institution users a trusted relationship is crucial.
Other Findings
The survey also found:
- For many consumers, they will opt for a convenient loan option over doing research on other options
- 80% of car shoppers thought they would get a loan from the dealership
- 74% of indirect consumers were open to doing more with the credit union or bank that they were matched with
The Borrowing Experience
When it comes to the borrowing experience and subsequent purchases of other products, Erika Romenesko, senior manager, customer experience with TruStage, said the research shows consumers expect a seamless digital experience along with the “reassurance” a human being is available for help, if needed.
“This is true across almost every step of the borrowing journey,” Romenesko said. “The only real exception is when consumers are just researching loan options, and at that stage some do prefer to be more just online without any human help. But there’s still 25% or so consumers who do prefer to do everything online with no human interaction at all…”
Not surprisingly, Romenesko said the research shows older buyers have the strongest preference for human interaction.
One finding consistent in 2025 from 2023 is that consumers have an expectation of same-day approval for auto loans. They also prioritize, again not surprisingly, monthly payments and rates.
Multiple-Lens Approach
Romenesko said that in using the research to design a better lending experience the company takes a “multiple-lens” approach, and that includes listening carefully to consumers’ own words as part of the qualitative behavioral research.
She explained TruStage has run numerous tests of how and when to best present an offer to the borrower, with many people often reporting they have no recollection of having been made offers for ancillary products.
Romenesko said the focus this year and in previous years has been in asking consumers at what point in the loan process they prefer to learn about protection.
The research found, “They don’t just want one moment to learn, they want multiple touch points throughout the process. It also points out a pretty big opportunity, Sixty percent of them prefer to learn about protection during the application process.”
An Improved UX
Maier said all of the learnings and research have been incorporated into the digital channel solutions offered by TruStage, and that following numerous tests and changes to the UX design it has been able to boost engagement to 40%.
The company reported it now has 650 CUs now using its embedded digital content, and has processed more than three-million applications in which payment protection was offered.
Overall, 96% of CUs said they would recommend the new strategy, the company reported.
