Personalized banking a core feature for CU members

Even prior to the pandemic, consumers were moving towards personalized banking as their go-to for financial transactions. It turns out that digital preference is here to stay, encouraging credit unions to accelerate their digital transformation efforts to keep up with consumer demand.

As we dive deeper into this era of transition, consumers will undoubtedly be keeping closer track of their transactions, transferring funds more often, and altering their spending habits. While this can present certain opportunities for credit unions, it can also present a serious reputational risk if they get it wrong – slow to non-existent digital transformation, poor execution of onboarding digital assets, etc.

According to J.D. Power’s 2022 U.S. Retail Banking Advice Satisfaction Survey, while 59 percent of customers expected their financial institutions to improve their financial health, only 47 percent of those financially healthy customers actually received that advice. Of the remaining 53 percent of consumers, 28 percent of vulnerable consumers, 16 percent of over-extended consumers, and 9 percent of stressed consumers reported getting advice from their financial institutions.

Personalization your credit union members need

Considering inflation, interest rate hikes, abusive gas prices, and other consumer goods weighing down many Americans’ household budgets, it has never been more important in 2022 to take action upon supporting your members’ financial wellness goals with initiatives tied to personalized banking.


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