Today’s uncertain economic conditions and the lasting effects of the credit crisis have left financial institution executives scrambling to develop and implement consumer retention strategies to drive revenue. Today’s tech-savvy consumers expect convenience, personalized service, competitive fees, and rewards. Their receptiveness to Fintech to perform services which were historically trusted only to the traditional financial institutions, is another challenge facing the financial services sector. However, institutions that add value to the lives of their consumers through savvy decision making and marketing, innovative product development, and success tracking are rewarded with loyalty.
Some credit unions are serving customers better than ever before, and the results are impressive. According to Peer-to-Peer Analytics by Callahan & Associates, the average member relationship for U.S. credit unions has increased 4.4%, since 2011, its highest level ever. U.S. credit unions have also seen a share draft increase of 7% since 2011. By forming stronger and deeper relationships with their members, these credit unions are increasing memberships and retaining customers at an impressive rate.continue reading »