3 areas your credit union can level up for members’ life transitions
The COVID-19 pandemic showed us, more than ever before, the need for financial security and mobile services. It’s about pushing demand for more innovative financial products and services while necessitating the importance of credit unions to increase their drive for improved member engagement in a crowded and competitive financial services market.
The COVID pandemic only exacerbated the stakes by accelerating the financial insecurity and lack of stability facing millions of American households even prior to the virus’s worldwide spread in late 2019 and early 2020. Between March of 2020 to early 2022, millions of people – inordinately women – left the workforce to care for their children or elderly family members. Millions of those working in service industries – especially individuals of color – are still dealing with the repercussions of losing their sources of income. All the while, hundreds of thousands of families are processing the death of at least one family member.
Even as we witness our nation’s economic and civic recovery, the long-term well-being of millions of lower-income households and depressed communities will continue to balance on a knife’s edge. As we respond to this latest challenge and emerge from this pandemic, credit unions are reviewing their organization’s processes and functions by taking a good, hard look at incorporating additional member value focused on providing support for their life or career transitions, expected or unexpected.
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