Building member loyalty through change

There’s a real opportunity in the fact that less than half of consumers feel confident about their financial institution.

There have been many conversations about the fundamental changes resulting from the pandemic, but not nearly enough of them have focused on the long-term vision of how to build loyalty through this change.

Just as credit unions had to think fast and adapt to a new way of banking, so did members. What didn’t change was how members wanted to feel when banking at their credit unions—understood, respected, protected and, most importantly, valued. It’s now more important than ever before for credit unions to take the extra time to better understand their members’ financial needs and offer personalized products and services that help build lasting loyalty.

Before the pandemic, Jack Henry surveyed consumers between the ages of 25 and 55 about their current financial situations, relationships and interactions with their financial institutions, and the way they manage finances. Only 47% said they were at least somewhat confident about their relationships with their financial institutions. Knowing that less than half of consumers lack this confidence reveals an opportunity for change. Now and post-pandemic, consumers have an even closer eye on their finances, presenting opportunities for credit unions.

 

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