What Credit Unions Should Be Doing, But Often Aren’t
by Jeff Falk
When it comes to product development and implementation, financial institutions (FIs) can be overwhelmed with advice and options on which products and services to offer customers. Because your FI doesn’t want to simply survive — you want to thrive — the “wait and see” method doesn’t work as a product development strategy.
To make sure your FI is evolving, adapting and advancing, here are some key strategies you should consider adding to your existing plan:
- Differentiation — call out how your FI is different from other FIs in the local market
- Mobile solutions — keep up with customers’ demands such as remote deposit, SMS and other applications for mobile devices
- Measure and analyze what matters, calculate ROI — conduct regular reviews and evaluate your FI’s profit and loss to know what is working and what isn’t (Know your customers intimately; analyze, plan and execute)
- Reward loyal customers — acknowledge customers’ tenure with your FI by offering them special perks or benefits on milestone anniversaries
- Act like a retailer — have a strategic game plan, that includes POS, lobby engagement tactics and a calendar of promotion opportunities, in place to get customers’ attention