Enhancing member experience has been the subject of many blogs and white papers, and there is a reason why this topic is so popular. In fact, there are three good reasons why this topic is especially relevant now.
- Competition– Competition among financial institutions, challenger and online banks is getting fierce. Banks and online financial institutions like Marcus and Ally need your members’ deposits to fund their loan activity, and are offering higher returns for their business. Also, the huge credit card issuers want to put their cards in your members’ wallets, and are enticing them to do so with sign-up bonuses. Plus, every financial institution wants your best members’ loan activity on their income sheets.
- Technology– Technology has become affordable for credit unions of nearly any size. The technology to harvest data to drive decision making, segment your members, create targeted offers, and get a real-time view on each member, is much more accessible.
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