New research explores how being member-centric is the smartest growth strategy
Today, credit unions are up against more challenges than ever, from the rise of fintechs and challenger brands, to the deterioration of the “traditional” banking model. The rapid growth of digital – which accelerated during the pandemic – is leaving some credit unions at a disadvantage. In light of these concerning trends, Co-op sought to examine the industry’s evolution and what credit unions need to understand so that they can create a growth strategy.
As the leading payments technology innovator for credit unions, Co-op is in a unique position to invest in comprehensive, in-depth research on behalf of our credit union clients and partners. We can ask the big questions designed to help credit unions achieve record growth and long-term success. That’s why we are excited to announce that Co-op’s latest in-depth research on the credit union movement will be released at the Co-op THINK 2022 conference in May.
Co-op again partnered with consulting firm EY (formerly Ernst & Young) to examine what credit union members and prospects need and want from their financial institutions. In addition to this deep dive into the evolving desires and expectations of members and prospects, we partnered with Filene Research Institute to understand the unique challenges and priorities of credit union leaders as they strategize growth in the coming years.
“Our goal with pursuing these two parallel research studies was to identify the gap between credit unions’ current priorities and product offerings, and the solutions that the broad market of current and prospective members say they need today,” said Samantha Paxson, Chief Experience Officer, Co-op Solutions. “With an eagle-eyed view of the credit union movement, Co-op is well-positioned to bring these two studies together and provide growth-oriented, actionable insights for credit unions.”
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