Deciding where to do your banking is not as simple as it once was. There are thousands of financial institutions available at your fingertips in our well-connected digital world. While brick and mortar are still important, branch and ATM access is only part of the overall equation. Credit unions are asking themselves not only how do we capture and hold onto our members, but also how can we nurture that relationship so that loyalty grows? How can we become our members’ primary financial institution?
Where To Start?
A good place to start would be to have a better understanding of what your members’ (and potential members’) needs and expectations might be. According to recent research by Visa, over the course of the next few years, Millennials will come to represent the largest workforce segment of our population. An incredible 75% by the year 2025! They already outnumber Baby Boomers and are fast becoming an influential part of our economy. Understanding Millennial banking needs and habits is a critical part of keeping your credit union relevant. Providing up-to-date, digital banking via convenient electronic channels should be a priority. Member services that support them best will build satisfaction, loyalty, and potentially invoke balance transfers and account migration.continue reading »