It’s no secret that interest rates have been changing a lot recently. During the pandemic, we experienced record-low interest rates. Over the last year though, rates have skyrocketed. The Federal Reserve even recently said that more interest rate hikes will likely be needed in the future.
Interest rates have completely altered the financial landscape, but is your marketing strategy still living in the past?
Since your credit union and its members are both affected by changing interest rates, you need to understand the effects and how to effectively market to benefit both your credit union and its members.
The impact of interest rates on credit unions
Interest rates tend to have a mixture of short and long-term effects on credit unions, some of which reach the very core of the organization itself.
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