X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

I hear a number of concerns from credit unions today: external forces such as slowing loan growth, squeezed margins, evidence of compliance and financial regulation bills are challenging business as they look for new ways to drive growth. However, one force left off this list–while unassuming–is the most important to the future of your business. It’s competition for today’s consumer. The evolution of technology is fundamentally changing the way consumers want to interact and is creating competition in places that never before existed. The good news: Within this new consumer class lies great opportunity for those that can capture their attention. The bad news: Today, you can lose your member’s loyalty at the push of a button. How can credit unions position themselves to stand out? Consider this consumer’s interaction: 

Bob wakes up. His phone displays an SMS text reminder from his local florist: “Sue’s birthday is tomorrow. Last year, you ordered the medium bouquet. Upgrade your bouquet and receive 20% off.” He taps yes and completes the  transaction. The florist automatically emails him a copy of his receipt that includes a promotional offer for a nice bottle of wine at the new local restaurant. He checks out its website and then tweets a message to see if anyone recommends it. Many do. He quickly goes to the link on his receipt and reserves a table–redeeming his offer. The next day, when Bob and Sue arrive, their table has a note wishing Sue a happy birthday. After leaving the restaurant, he tweets about the great experience he had and sends out the restaurant’s link.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.