As interest rates rise with the promise of more to come before the end of 2022, consumers are concerned about their finances, particularly access to affordable credit. Inflationary pressures have changed the way consumers behave, putting off big purchases that they can and pulling their credit cards a bit more often than they had been.
Your credit union can be the calm in consumers’ financial maelstrom. Your credit union website likely has the broadest reach of your outlets, and you can use to build your brand in this regard.
Double down on education
Credit unions are well known as the calm during an economic storm. Following the 2008-09 economic crisis, members flocked to credit unions as did nonmembers, boosting membership growth from limping along at 2% to more than 4.5% annually by 2018, according to Callahan & Associates. That growth percentage as continued at 4% over the 12 months ending in June 2022, per the NCUA. Members know where to go to keep their money safe.
Now’s the time to put their minds at ease by hyperfocusing on financial education information on your website. A lot of people will be Googling, “What’s going to happen to my 401K?” Check Google Trends – 401K is right up there with searches about Taylor Swift, and in some areas it even eclipses search traffic for Kim Kardashian.
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