Behind the buzz: How credit unions are targeting 3x deposit growth in 2024

Publisher’s Note: CUInsight is hosting a free webinar Wednesday, May 1 titled, “Doing Great by Doing Good: Grow Deposits and Attract Younger Members Through Community Impact and Financial Wellness”. We hope you’ll join us! Register here.

In an era marked by shifting member trends and evolving financial landscapes, credit unions find themselves at a critical juncture. The imperative to foster deposit growth and engage younger demographics demands a paradigm shift in strategy. This shift is leading to a new era of personalized and community-focused banking, which is why dozens of credit unions and other community financial institutions are changing their product roadmaps to increase their deposit growth and prioritize highly requested community-impact solutions for millions of members.

Credit unions are undergoing a profound transformation and seeking to redefine their role in the digital age. While loan growth is still positive in the current high-interest environment, a bigger challenge is the decline in deposits which presents a formidable problem, particularly as younger generations gravitate towards national banks. In this competitive arena, credit unions are benefiting from innovative opportunities to resonate with Millennials and Gen Z members, who are demanding personalized digital experiences and have a strong desire for social and environmental impact.

A commitment to ‘people helping people’ has evolved to include solutions that help members to positively impact their personal finance journey and their communities. By seamlessly integrating with digital banking systems, such cutting-edge solutions deliver value-aligned experiences for credit unions that resonate with the values and needs of younger demographics. Members are not only empowered to enhance their financial well-being but also to support causes close to their hearts, fostering community and environmental impact through everyday banking.

The benefits of embracing such technology extend beyond mere metrics; they represent a fundamental shift in the way credit unions engage with their members and take the lead on innovation. Elevating deposit growth, driving card usage, and enhancing member engagement become tangible outcomes, translating into increased revenue and deeper relationships. This transformative potential has already revealed three times higher deposits and card transactions and up to 30% increase in digital engagement for individuals who used these features in the first 90 days of opening their account.

Looking ahead, the future of credit unions lies in their ability to adapt and innovate in response to evolving consumer demands. That is why so many credit unions are prioritizing platforms like Spiral to increase their deposit growth and win the battle for the younger, more engaged members. By harnessing the power of personalized banking and community-focused digital experiences, credit unions transcend their traditional roles, emerging as catalysts for positive impact and leading the way toward a brighter future.

If your credit union is looking to experience 3x deposit growth in 2024 and has a mission aligned with empowering your members to make a positive impact on their personal finance journey and local communities, then you won’t want to miss Spiral’s webinar taking place on May 1: Doing Great by Doing Good: Grow Deposits and Attract Younger Members Through Community Impact and Financial Wellness. Led by Spiral’s CEO and Co-founder, Shawn Melamed, this webinar will reveal innovative and proven ways to reach younger, more engaged members, empowering them to make an impact in their community and achieve financial wellness through personalized banking.

Shawn Melamed

Shawn Melamed

Shawn is a serial fintech entrepreneur and investor. As the CEO and Co-founder of Spiral, he's on a mission to revolutionize financial services for a better world. Before founding Spiral, ... Web: Details