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All our lives have changed considerably since COVID-19 upended the world, and that includes the lives of your members. Today, consumers are in different financial situations than before the pandemic. Over the past year, some have saved more than previously, while others have reduced or lost their earnings. Everything you think you know about their needs post-COVID could be wrong. So, your strategy and the conversations you have with your members must adjust. Your conversations need to be personalized and empathetic, address where they are today, focus on their financial wellness and demonstrate how you can meet their individual financial needs.

Now that vaccines are widely available and lockdowns are ending, credit unions need to foresee how their members’ behavior will evolve moving forward. Understanding the effect that digital adoption will have on in-person banking is essential. The EY Future Consumer Index, which tracks how the pandemic affects consumer behavior, revealed that 43% of respondents said they changed the way they bank since COVID. Conversely, just 16% of respondents stated the way they bank would change over the long term.

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