Why PFR should be your 2020 goal
Today’s consumers want a financial relationship that can help them manage their daily financial needs and improve their overall lifestyle; but they haven’t found one yet. We know this because 40 percent of consumers are digital nomads. 60 percent of members that identify credit unions as their primary financial institution are using a bank for some type of financial service.1 And according to a 2019 Accenture study, having a “one-stop-shop” within financial services was the number one need identified by today’s consumers.2
How do we become that primary financial relationship for our members? As I discussed in a recent interview with PYMNTS.com, it all happens through payments. Payments represent 80 percent of the interactions a member has with their financial provider today.3 As a credit union leader that tells you that maximizing engagement and delivering an exceptional payments experience is the path to become your members’ PFR.
Getting in the Engagement Game
Maximizing engagement means focusing less on a members’ life stages and more on owning more everyday member moments. Think about it: we can only know so much about our members from the few interactions we have on the lending and deposits side. But understanding where and through which channels our members are spending everyday allows you to understand where to invest into your payments strategy, whether it’s rewards, digital wallets, or products that help drive engagement (like card controls). In our recent Quarterly Live Cast, CO-OP Chief Product Officer talked about how the rapid growth of P2P adoption helped drive CO-OP’s investment in our Zelle solution. Having a pulse on where your members want to engage can help guide your overall payments strategy.
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