By now, most of us have leaned on an influencer’s information to make decisions on food, clothes, and even some quick-fix repairs. Hence why the word “influencer” is described as a person who can influence the opinions, behaviors, and decisions of their followers. So, when we think of influencers, why shouldn’t credit unions come to mind? Credit unions and influencers share common ground in their reliance on trust and reputation to build strong relationships with their respective audiences. They both share the need for a strong online presence, strategic marketing, and adaptability to changing trends, keeping them ahead of what’s happening next.
As technology continues to evolve and members look for the next best thing, a credit unions’ influence will continue to show the way.
The world of influencers
Influencers can be found on various platforms like YouTube, TikTok, LinkedIn, and Instagram, sharing their thoughts and ideas on specific topics and using their platform to shape followers’ preferences. Their input constantly challenges businesses to stay ahead of the curve and keep in tune with what consumers are looking for when investing their money. From what’s hot to what’s not, many businesses have begun to rely on social media influencers to market their brands and share any new updates to their products.
Today’s credit unions have created their own sense of influence by rebranding themselves or adding new features to traditional products. By evolving from mobile, online, to even hands-free experiences, credit unions continue to create a need for members to stay and invest in their business. Here are some ways credit unions can continue to influence their own followers.
Long gone are the days when commercials were the only way to catch the attention of potential members. This sole method has easily relinquished its status as number one, and the digital age has ushered in new mindsets on how to communicate valuable content about what’s new. By utilizing various platforms such as blogs, social media, and credit union websites, distributing content has become very strategic.
Effective communication is vital for credit unions to build and maintain strong relationships with current and future members. When sharing enhancements or introducing new products, make sure the information resonates with your members. Having a sense of connection to what members are expecting, creates loyalty from those who will happily share their experiences to create potential membership.
When selecting a credit union, members are attracted to innovative solutions. Offering attractive features and identifying member needs, the credit union is more likely to influence the way its products will be used. Many financial institutions believe that if a member has at least three or more products with the credit union, including direct deposit, they are less likely to leave.
Credit unions must continue to differentiate themselves by introducing products that fit trends for convenience such as apps, streamlined banking, and online chat services. When embracing and exploring technology, this provides a more cutting-edge solution and members see that their financial wellness is being nurtured. Having the commitment to pioneer solutions, enables credit unions to adapt to changing member expectations and provide solutions that some members never even realized they needed.
Credit unions must continue to cultivate originality in their products to retain and attract members. When trying to captivate the attention of members, introducing unique features can help set the credit union apart from its competitors. Traditional products like savings and checking accounts will continue to drive members to your financial institution. However, additional features will keep them from looking elsewhere.
Collaboration with fintech partners or participation in industry innovation initiatives can enhance your platform of creativity within your credit union offerings. The ability to deliver original and valuable financial products like bonus rewards, cash back, and insurance protection, ensures credit unions a well-positioned status above the others.
Creating more followers
According to Forbes, The Rise Of The Influencer: Predictions For Ways They’ll Change The World, all companies should have an influencer strategy. Engaging with members and influencing their behaviors is not new, but how you do it, and the solution it provides, is sure to gain a new follower notification.
The benefit options, delivery, technology, and member experience provided by NXG Econocheck has evolved into a fully customizable strategy designed to help meet your credit union goals. By increasing non-interest income, improving member engagement, and attracting a younger audience, NXG Econocheck’s enhanced services within your checking account offerings allows you to choose from features such as telehealth, fraud alert services, and cell phone repair/replacement programs, to give an innovative enhancement to a traditional product.
To schedule a presentation, visit our website.