Rapid reactions from 2020 CUNA GAC

From Crasher, speaker, mentor, attendee and now exhibitor, I’ve worn just about every hat at GAC. The event is truly a whirlwind as credit union professionals push themselves to learn and advocate for their members.

Here are three themes I heard during the first days of the biggest event for credit unions.

  1. “We want to know our members”

A constant topic of conversation – both in the breakout sessions and in the exhibit hall – has been how credit unions can better understand their membership. We’ve also talked about credit unions’ desire to learn more about “non-members” – or as one credit union executive put it, “soon-to-be-members!”

With branch traffic projected to decline over the next few years, many credit unions are hoping to use data and analytics as a window into their membership. Members now expect relevant and timely offers. With new competition on the rise, credit unions are working hard to leverage information to amplify the good they provide in the communities they serve.

  1. The youth movement

On Sunday, I had the pleasure of chatting with the future of the credit union movement, the 2020 GAC Crashers . These 60 young professionals represent CUs of all shapes, segments, states and sizes. My message centered on making sure their week in DC was not a week off from their day job, but instead, a catalyst for the start of a career in cooperative finance. 

We then shifted the conversation to serving the youngest generation of consumers, Gen Z. TransUnion has completed a research effort about Gen Z: how they differ from the millennials and other previous generations, and how CUs might serve them. You can access the global research report here.

  1. Improving inclusivity

It was so inspiring to talk with credit union advocates who are determined to help make credit unions more inclusive. We’ve had lots of conversations this week about how alternative and trended credit data can help credit unions better understand and confidently serve more members. This especially applies to the Gen Z population  – many of whom have little to no credit history. 

As we discussed this week at GAC, using information for good is a winning strategy for credit unions. We must continue to evolve to ensure we are providing relevant, timely and inclusive offers to our members – and “soon-to-be-members.”

To learn more about how we help credit unions, visit transunion.com/creditunions.

Blake Woods

Blake Woods

Blake Woods is VP of Innovation at Community Financial Credit Union. He’s a mentor in the Cooperative Trust and CUDE programs and a graduate of Filene i3 and MDC ... Web: https://www.cfcu.org Details