To capture primary financial relationships, credit unions must win the moments that matter

The market for financial services is increasingly fragmented, commoditized, transactional and competitive.

At a high level, many—if not most—credit unions know how to win in this context. They know that in order to earn their members’ trust, deposits and daily transactions, they must understand their behaviors, challenges and mindset. They also understand that competitive pricing and legacy product offerings are no longer enough to break through in a noisy financial marketplace. To achieve a successful member-centric strategy, credit unions must transform their business through clearly defined value propositions, strategic alignment, enhanced digital delivery, data activation, personalized products and tailored experiences, all supported with the right talent, technology and organizational culture and capabilities.

The challenge for credit unions lies not in the “why”—nor even the “what”—but in the “how” of business transformation. Credit unions’ ability to bridge the implementation gap will define their levels of success over the next few years.

For the fourth consecutive year, Velera (formerly PSCU/Co-op Solutions) has partnered with global consulting firm EY to survey how financial consumer and member behaviors, preferences and pain points have evolved. We also worked with Filene Research Institute to gain the perspective of credit union C-suite leaders, with a specific focus on understanding the tactical and operational barriers credit unions face in executing their growth strategies and achieving lasting business transformation.


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