Your article was successfully shared with the contacts you provided.
Many of our customers in the credit union community have been asking for research to better understand how customer needs have changed over the past year and how product trends will shift over the next six months.
Research requests are focusing on a few key areas:
Will our customers still love us? Several customers whose products did really well during the remote-work reality of the pandemic need to understand how the objectives of customers and prospects will change as we head back to offices, even part-time.
Help us define key customer segments. With targeting even more important to marketers post-pandemic, we’ve seen a number of our customers looking for crucial data points to help define fast-changing trends in key segments of their businesses.
Find data to make the case for a new product. New entrants to markets are even more interested in finding compelling data points to help them drive awareness and pull mindshare away from incumbents.
I need to make a splash with data. With lots of market upheaval and change, there is a big appetite for vertical market data to make sense of it all. As a result, companies are looking for data to make news and get attention.
If any of these needs seem familiar, I’d welcome the opportunity to talk to you about how Credit Union Times can tailor a custom research program to help guide and drive marketing programs as we move forward in the second half of the year. For more information on our custom research offerings, click here.
Trends Credit Union Marketers Need to Know
M&As. The number of smaller asset size credit unions looking to survive are growing and with that, more and more mergers and acquisitions are being announced. In some cases, the financial situations have deteriorated so quickly that NCUA directors out in the field are approving almost immediate acquisitions of smaller credit unions by the larger credit unions because of poor financial health of the smaller CUs.
Banks vs. Credit Unions. The Independent Community Bankers of America (ICBA) has turned up the volume on its anti-credit union rhetoric. It’s not unusual that they criticize the credit union tax exemption. But, it appears they have shifted their message and tone to such an aggressive level that it’s gaining traction within the Republican ranks in D.C.
Postal banking. Again, it’s not a new idea, but postal banking has gathered a lot of momentum in the past month. Lawmakers in Washington, D.C. credit unions believe if the laws are changed that they can expand to help better serve the underserved. But many lawmakers are revisiting the idea and even want to launch a pilot program to test out the potential of creating a full postal banking system.
Retirements. Credit union executive retirement announcements are coming in very fast. Many reasons given for the departures are pandemic-related. The pattern we are seeing is that executives delayed retiring during the pandemic, but now that it appears to be coming to some sort of manageable stage, we are watching potentially record CU executive retirement numbers. We know about several that haven’t been announced yet and many of these will be coming from very large CUs and CU organizations.
NCUA making big moves. The lead credit union regulatory agency is facing some very tough decisions as the pandemic has revealed many financial concerns for the industry. Board Chairman Todd Harper wants Congress to allow the agency to charge premiums to credit unions and increase the Share Insurance Fund to give the industry more emergency financial breathing room if needed (and it’s expected to be needed.) CUNA, NAFCU and other groups are very much against these items Harper is asking for.
In today’s world, cyber attacks are commonplace. Maintaining your security defenses are crucial. This guide outlines a simple solution to testing your CU’s defenses against attackers, and how to incorporate it into your CU’s security strategy.
Now more than ever, credit unions are being pushed to enhance customer experience while improving their own margins. This brief explores how to leverage technology and process to redefine the closing experience for your credit union.
The value of a solid digital engagement strategy for member support teams has never been more clear. This eBook outlines the 5 phases of the digital engagement journey. Use it to determine which phase your CU is now and how to advance to the next.
With the pandemic cementing a greater need for virtual banking, digital member service with video banking can improve support and reduce handle times. Download this case study to learn how the seventh-largest CU in Oregon achieved a higher satisfaction rating for their newly deployed online member experience than any physical branch experience.
What are the potential hidden costs associated with running a credit card program and how can your credit union make more informed decisions when considering whether to insource or outsource a credit card program?
As consumers gravitate toward online banks, they are seeking a simplified, more customer centric experience. Discover why the ability to unify origination across both retail and commercial banking will become a requirement for CUs in the coming years to win business.
The auto refinance market has historically been a small, unexplored offering for credit unions. This eBook examines why this is the case and the emerging opportunities for lenders to grow a profitable auto loan program.
Most credit unions are still running on the core systems which were designed back in the 70’s-80’s when there were no digital channels. Discover how to future proof your CU, achieve new growth and better meet members’ expectations by updating your core system.
Time is money, and tedious, manual processes slow credit unions and banking institutions down--especially in mortgage processing where speed translates to more revenue. This guide illustrates how intelligent automation can streamline tedious document review, eliminate manual data entry, and take mortgage processing to the next level.
Credit unions are adjusting their marketing strategies to reach and retain new members. This podcast episode offers advice for reaching the underserved and underbanked through hyperlocal community engagement.
With the booming mortgage market, loan originators need to process more applications faster. Credit unions and banking institutions can streamline the process by using robotic process automation (RPA). This whitepaper provides time-saving tools and real-life examples to help you get started.
To maintain member trust and satisfaction, while also growing new member acquisition, it is crucial for credit unions to offer secure digital experiences and faster payment options. This white paper critically examines that mandate and explores how your CU can flourish.
Discover how next-generation video banking, which employs a collective approach to online customer service across video, chat, messaging, and online voice, can keep your member satisfaction high, minimize call handle time, and reduce complexity.
Data is critical to your CU’s ability to gain reliable insights and make smarter business decisions. Download this guide to learn how to use data to improve your member experiences, drive efficiency, and reduce costs.
As a credit union executive, choosing the right technology to support your members is crucial to achieving your institution’s revenue goals. Find out how a well-established credit union reignited member growth through an AI-powered lending program.
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.