Increased and high-quality competition on the digital banking front is now targeting specialized consumer bases.
For decades, credit unions have set themselves apart from their bank competitors through focusing on superior levels of service to their membership, driven in large part by hyper-specialization in serving a particular professional, demographic or geographic membership base. Increasingly, however, banks—and so-called “neobanks,” in particular—have begun to shift their strategy to incorporate more of the credit union playbook into their own marketing and growth initiatives.