Focus on life moments and life stages

Loyalty and digital offerings keys to building relationships.

Todd Clark addresses attendees during CO-OP Think20 Virtual. (CUNA photo)

The uncertainty surrounding daily life during the coronavirus (COVID-19) pandemic shows that how credit unions address members’ day-to-day needs is  just as—or more—important than the products and services they offer to assist with major life moments.

“How do you think about the member’s life journey?” says Todd Clark, president/CEO of CO-OP Financial Services, a CUNA associate business member at the elite level. “We tend to only think of certain milestones, but between those milestones there are many moments where we can engage with members. Credit unions must capture the everyday engagement.”

During CO-OP Think20 Virtual, Clark spoke about the need to build relationships with members that focus not only on moments associated with life stages—such as mortgages, vehicle loans, or student loans—but also those moments associated with a member’s lifestyle—the everyday moments where members need their financial institution.

During COVID-19, Clark says credit unions have seen declines in traditional loans—vehicle loans, mortgages, student loans—as members opt to save  instead of borrowing. At the same time, some members have more immediate needs, such as finding emergency sources of funds to meet basic needs due to loss of income from the pandemic.

 

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