Boosting growth in today’s financial services landscape
Competition is coming from all directions. Credit unions must shift mindset and take steps to respond.
The competitive landscape in financial services continues to evolve as technology and consumer demands change and advance. There are more options than ever. Retaining and attracting members is getting more challenging as they shop around for services when a need arises. This could result from a lack of awareness of what their credit union offers or because competitors proactively reached out with the right offers at the right time.
Credit unions must keep several things in mind if they want to remain competitive and successful in today’s environment.
Successful Member Onboarding
More members are opening accounts through digital channels, making new account onboarding synonymous with the process of establishing digital access. Although ensuring new account holders connect to mobile channels is a fundamental part of the process, it’s far from the end of the task. Research confirms that members are particularly receptive to additional offers within the first 12 months of a new banking relationship. The onboarding process is a credit union’s best opportunity to educate checking members about the credit union’s credit products, convert new borrowers into checking and expand deposit wallet share of new checking members. Recency replaces price as the key buying driver, resulting in more cost-efficient growth opportunities.
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