How to become or remain your members’ primary financial institution in 2020

As a credit union, you probably always feel like you’re in a David v. Goliath situation when it comes to battling the big banks. If you want to take business away from those guys, you’ve got to find a way to stand out. During these crazy times, credit unions have a real opportunity to get a leg up on the competition. Here are three tips to help you become or remain your members’ primary financial institution…

Go for it: There are probably a ton of ideas you’ve had that either seemed a little risky or a little too pricy. 2020 hasn’t exactly been the year of things going right for your members, so give them something to get excited about. Whether it’s a new mobile app with all the bells and whistles, or a redesigned website that’s ten times easier to navigate, show your members that you’re here for them and are doing whatever you can to make their lives a little easier.

Keep in touch: You already know the value of things like PPP loans and skip-a-payment programs, but what are the little things your members really need right now. I guarantee that your employees are WAY more in tune with the lives of your members than those dummies at Bank of America. But take it a step further. As you interact with your members, make it blatantly obvious that you’re looking to find out more ways your credit union can help right now. Members won’t soon forget the people who supported them during these difficult days, and you’ll want to be one of the organizations that comes to mind when they think back on 2020.

Put your heads together: Members aren’t the only people who have boarded the Struggle Bus lately. Your employees have probably had their own fair share of struggles lately. And you’re not the only credit union around. Talk to your staff and other managers at other credit unions and see what needs they come up with and listen to the solutions they have for dealing with those problems.