According to the Chinese Calendar, 2024 is the Zodiac Year of the Dragon! The Dragon is a symbol of strength, fortune and transformation. So credit union leaders would do well to focus more on being brave and bold visionaries, embracing new ideas and not fearing to experiment and innovate as we move into the new year.
Embracing the fiery spirit of the Dragon with an open heart and receptive mind is key to unleashing extraordinary achievements and experiences for credit unions with the emphasis on technology and innovation.
This year the new economic normal will be watching the 2 I’s (inflation/interest rates) and plan for slow and steady economic growth.
It will also be a year to collaborate and expand networking opportunities. Credit union leaders must recognize the immense potential for growth and success in forming partnerships with third parties/Fin-techs.
More than ever 2024 will not be the time for credit unions to become complacent or play it too cautious. Credit unions have weathered the financial storm well over the past couple of years since covid. Our movement should capitalize even more on the steady success we have had and really focus on our differentiation as a member owned local financial institution.
We must continue to be heroes to our members and keep demonstrating our mission/purpose and tell our “people helping people” story more. Focus on continuing to be the first financial responder and life-line to our members financial needs in making a difference in their lives and in the communities we serve.
New growth experiences in 2024 for credit unions will include:
- Giving members a strong member/values (MX) experience
- More exponential rise of electronic transactions 24/7/365
- Increased use of digital member marketing
- Rise of online inquiries/ordering & building automated journeys
- Helping more members needing financial assistance/literacy counseling
- Speed in onboarding new members
- Increase social media interactions
- Vigilant protection of employees/members information
- Expanding remote lending
Trends for increased growth strategies for credit unions in the new year to watch for:
- Target products at member point of inflection
- Embrace/utilizing artificial intelligence for efficiencies
- Using data analytics to identify members next best product
- Attract/retain millennials/Gen Z with offers they desire
- Offer customized mortgage/home equity loans
- Be prepared for pent up desire for new auto loans
- Lower rate credit cards with rewards
- Offer member business services/lending digitally
- Offering green loans (home/community solar/hybrid autos)
Finally, and most important to being bold and brave for credit union leaders in this Year of the Dragon— will be the ability to embrace change and realize the power of modern technology. It may mean the difference between just surviving and thriving in 2024.