Whether they serve anyone in a branch of the U.S. armed services, employees of a single company or several enterprises, or those who live, work or worship in a small town, all credit unions have something in common: a drive to best serve their members and continue to expand.
“Growing a credit union—whether focused on account openings, new members, credit card applications or something else—can come with its share of challenges,” says Brian Scott, chief growth officer of CUESolutions provider PSCU, St. Petersburg, Florida. “However, some credit unions accidentally limit themselves without even realizing it. What are these barriers to growth, and how can credit unions overcome them?”
Barrier: Not Meeting Tech Expectations
“Consumers’ expectations for all the services in their lives are changing, and if credit unions don’t stay current with their members’ and potential members’ needs, it will inevitably diminish opportunities for growth,” Scott says. “Take, for example, business processes like requesting a new credit card. If a member loses his or her card and needs to request a new one, that member wants the process to be simple and seamless, while also gaining access to his or her new card immediately.”
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