5 ways credit unions can crush competitors online
To beat megabanks, smaller institutions must craft a compelling story about their competitive advantages in digital channels.
To be successful online, community banks and credit unions must compete head-to-head with both big banks and smaller local institutions within their footprint. This can be a challenge.
Big banks spend over $17 billion on advertising and marketing annually, according to the FFIEC. Additionally, since many local community institutions may share similar attributes like supporting their communities and personalized service, it can be extremely difficult trying to differentiate your brand.
The key to crushing your competitors (online or offline) is to understand how you are truly different from both big national banks and smaller local institutions.
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