The battle for brand leadership in 2021 is on

The economic and pandemic crisis has sped up the transformation of the financial services industry and opened deep chasms of uncertainty. Driven by consumers young and old (and small business owners) fearing they could fall behind financially in the challenging year ahead, people are starving for help, simple solutions, and guidance they can trust. Recent studies by MX, Edward Jones and others have found the impacts of Covid-19 on younger GenZ and Millennials has left many extremely hard hit and worried for their jobs and their financial security.

It should be a rallying cry of every credit union and community bank leader in the industry to step up and help consumers in need – and those who may need you more than ever in the months ahead, whether online, or with human guidance. Success may fully depend on the decisions, strategies and adaptations leaders make in 2021 to tackle, simplify and improve their brand reputation and voice. To improve data insights around their members lives. And even to revisit the very reason for their existence. It could spell the difference between inspiring employees, members and communities towards optimism and hope — or to battle for growth in the months ahead.

Staying on the sidelines waiting for relief without clear growth, marketing and brand strategies and well aligned teams will prove costly. Hope is not a strategy.

 

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