Credit union executives must activate the significance of “relevance” as critical to the sustainability of the cooperative, not-for-profit business model. The question we must ask is “How are you incorporating it into strategy?”
Increasing your relevance across product offerings, community engagement and differentiation in the financial landscape is key. By embracing research-driven decision-making, credit unions can achieve their own triple-bottom-line returns (member, community, and financial) and establish themselves as leaders among peer credit unions, fintech companies and traditional banks. More importantly, credit unions can stand out with consumers.
Evaluating product relevance
Strategic planning empowers credit unions to continually evaluate the relevance of their product offerings. Through market research, member feedback analysis and monitoring industry trends, credit unions can identify emerging needs and adapt their policies and product lineups accordingly. This proactive approach ensures the delivery of innovative solutions that meet evolving member financial requirements.
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