There is no better time than the present for credit unions to establish their presence in the virtual world and position themselves above the competition. As society continues to embrace all things digital, the metaverse has emerged as a promising digital avenue, providing a network that merges physical and virtual worlds and is intertwined with social connection.
If your fintech or business deals with credit unions, the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) should be on your list. Over 4,000 attendees made the trip to Washington, D.C. and hundreds of exhibitors were ready to share their technology, form meaningful connections – and finally, collaborate in person.
Key marketing strategies focus on member data, increasing online brand presence and leveraging social media.
The proliferation of financial service channels has fundamentally changed the way credit unions approach marketing to members and prospects. No longer can marketing strategies be based simply on engaging and friendly in-branch promotions.
How credit unions can leverage community-focused experiential marketing in the age of COVID-19
People love connections. This is partly due to our basic emotional need for belonging and identity. But how can a community stay connected in light of the pandemic? This is a big challenge for credit unions, whose very foundation is built on a sense of community and local connections. In the credit union industry, initiating a positive experience for members requires empathy and listening to their needs. However, before a successful experience can be created, the organization must first understand how member behavior changes and what is most valuable to them.
A few of weeks ago I attended VentureTech 21, advertised as a “fintech showcase for the entire credit union industry”. More than 200 people packed the room at Encore at Wynn Las Vegas to watch 14 fintechs give 15-minute demos, with the aim of securing funding from and/or partnerships with credit unions and CUSOs. The audience included representatives from 48 credit unions, 21 CUSOs, 17 credit union leagues and league service corporations, five venture capital firms and a few journalists. Some of the fintechs that demoed at the event were already operational and had a strong client portfolio, while others had just gone live or were about to in the coming months.
2 areas of consideration for enhancing your credit union’s digital presence in 2022
While the age of the average credit union member remains in the mid-40s, it is important to recognize that this age range is no longer held strongly by Gen X. Instead, the eldest millennials—otherwise known as the first digital natives—are turning 40 this year, and their expectations should not be taken lightly. A quick Google search paints a picture that has been discussed for years in the financial services industry related to these preferences: easy online account opening, a user-friendly mobile app and the ability to transfer between accounts seamlessly and instantly.
Consistently sharing the right content on the right platform will boost credit unions’ education and membership efforts.
Credit unions have lost a lot of ground with Gen Z and millennials. Why? Mainly because the majority of young adults are not familiar with credit unions. According to a survey of more than 500 college students done by Zogo, 76% of respondents did not know what a credit union was. Those that do know are likely to believe that credit unions are less accessible and more complicated to sign up for than banks.
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.
In unison with our recent infographic on Mobile Banking Market Leaders for Banks, we are proud to share its partner infographic, the Mobile Banking Market Leaders for Credit Unions Infographic. Based on the number of institutional installs and U.S. FI clients with over $100 million in assets in 2020, our infographic features the leading credit unions in the industry and market shares for each.
When it comes to public relations and marketing, everyone is looking for the big secret to successful initiatives—especially in this unique time where many organizations are either slashing their budgets, canceling campaigns or looking at their current programs differently to be efficient in both communication results and cost effectiveness.