How your credit union can better compete with online lenders

As Credit Unions and Community Banks move their marketing and member service further into the 21st Century, one of the keys will be competing with online lenders. We work with clients daily on better reaching their target audiences with messages of the benefits of banking and borrowing through a credit union. Here’s a few quick tips your Financial Institution can implement immediately to better compete with online lenders:

Tip #1: Share and Engage with People About Topics Related to Lending, But Don’t Try to SELL First

Think about it this way… according to the National Association of Realtors in 2012 “the use of the Internet in the home search rose slightly to 90 percent, and for buyers under the age of 44 this share increased to 96 percent.” BUT, what this statistic doesn’t tell you is WHAT people are using the internet to do.

Consider this… first home buying searches likely have nothing to do with lending or mortgages. Early in the home-buying journey, prospective home-buyers are likely looking for information that would help them find the home of their dreams, save for a home, or find a good real estate agent. So, perhaps your Financial Institution should be creating and sharing content around these kinds of topics.

 

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