As the pandemic’s effects continue, credit union members are paying more acute attention to their financial situation. They are increasingly attuned to which financial products make the best sense for them – and so should the credit unions.
Gaining the insights needed to remain closely aligned with members’ needs begins with two fundamental questions:
Who are your members?
Why do they choose your credit union?
On the surface, these questions seem very simple. So simple that it’s tempting to immediately come up with the answers. However, the most successful credit unions make decisions through deep and detailed member insights that can’t be gleaned from gut instinct alone.
Advanced analytics are critical to deep and robust member understanding. Demographic segmentation is no longer enough in today’s hyper-competitive environment – you must layer it with behavioral data to bring member personas to life.
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