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How CUs Are Adapting to New Business Development in the Age of COVID

Leveraging tech, spotting new consumer trends and getting creative helps keep the business development pipeline open.

Two men wearing masks bumping elbows instead of shaking hands. Source: Shutterstock.

Business development is never easy, and when the pandemic hit, it became even more challenging. But credit unions have adapted by spotting new consumer trends and finding some creative ways to keep their business development pipelines open. What’s more, because members are flocking to digital banking, credit unions are leveraging technology solutions to grow business development opportunities.

Ted Brown, co-founder of Digital Onboarding Inc. in Boston, said credit unions are essentially sitting on a business development gold mine among their current members but are not necessarily equipped in the digital age to tap into it. He noted when the branch lobbies were closed during the onset of the pandemic, everyone was moving to digital banking,\ and now that trend seems to be in hyper drive.

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Peter Strozniak

 

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