Trend Spotting Is a Matter of Perspective
"Is mobile banking the trend or is it providing anytime, anywhere access?"
That's the question Denise Gabel, Filene Research Institute's chief innovation officer, posed when asked how to get members to sign up for the service during her session at CUNA Mutual's first virtual Discovery Conference.
To be able to effectively leverage consumer trends for growth Gabel urged credit unions to first: understand why they are tracking a trend; know the difference between a fad and a trend; be curious; build a framework; and explore the impact of that trend and respond.
She advised taking a broader look at consumer trends. For example, lending has been a challenge, but within the framework of anytime, anywhere perhaps credit unions should be looking at how they can make accessing or applying for loans easier, or think about more nontraditional lending opportunities that can help with lifestyle changes.