Credit unions are resilient and creative, and 2022 is the perfect year to flex those strengths to create growth for your business. There are lots of 2022 pivots your credit union should make this year.
Some of these pivots are likely already in the works in your branches and on your websites, while others may have passed just under your radar for the year. Either way, these items should make their way to the top of your priority list in the coming months.
Shifting Payments Preferences
Convenience and automation continue to help drive the demand for accessible payments. These payments preferences have shifted drastically in light of the pandemic, but they also offer a lot of benefits to the users, namely the ability to access and use your money anywhere, anytime.
The challenge here is security. As non-traditional payment methods are offered by more banks and credit unions, these payments preferences must ensure that your members’ private information is not being stolen or corrupted.
The supply chain shortages of credit and debit cards have also affected payments preferences in recent months. The shortage of the digital chips for these cards and countless other technologies has been going on since late 2020, which likely means your members’ new payments preferences will be sticking around.
As part of your credit union’s 2022 pivots, you should consider doing a comprehensive audit of your payment services to see what your members are using the most (and the least).
Loan Growth Initiatives
Many financial institutions are seeing an upward trend in household deposits to their branches, and fewer loans are being applied for and created. To bolster your loan growth this year, another worthwhile 2022 pivot is digital marketing touting your lending services.
For example, 2022 has seen incredible growth in the real estate market, with some areas having houses for sale for just a few days before they find a suitable and willing buyer. To capitalize on this fast-paced market, you need a quick way to increase your credit union loan growth.
IMS Integration offers online loan applications that are designed to incorporate your CU and its brand elements. You can offer these services electronically and collect all the information you need to start the loan process with your most tech-savvy members.
The Digital vs. Branch Debate
The paradox that was created by the pandemic is that we needed to implement and increase technology-based solutions quickly, but that focus has also created a huge desire for human interaction.
Credit union branch visits will likely never reach pre-pandemic levels in the near future, if at all. However, after two years of heavily automated and digital transactions, your members are also craving sincere, thorough interactions with your staff.
With that in mind, it’s important to tailor your branch spaces to maximize these person-to-person interactions and create a space to foster communication and financial advice. Even if you are offering web loan applications and self-service forms, many of your members will still prefer to talk to a live person, either at your branch or over the phone. Your credit union 2022 pivots in this area should aim to shift the use of your physical space to better serve the members who want in-depth financial education and counsel.
Cryptocurrency
Cryptocurrency investments have been growing steadily for several years. They’ve also recently seen a huge spike in investment interest. And many people would prefer to control these investments via their preferred financial institution rather than third party and other digital banking vendors.
2022 pivots in the cryptocurrency game have even seen big businesses like Subway, Twitch, AT&T, Starbucks, Home Depot, and more accepting bitcoin for their products and services in-store and online.
Just as you’d want your members to choose their CU credit or debit card to pay for those transactions, your credit union should be moving to capitalize on the rise in crypto’s popularity.
Addressing Staffing Issues
Employee turnover issues are affecting the financial industry just as it has been affecting other industries like hospitality, food service, and healthcare.
For credit unions, this can not only create staffing issues due to your business’s inability to provide remote work options at the volume that other industries can, but it can also affect your regulatory compliance.
It’s important to assess the potential risks of losing specific members of your teams, maintaining resources to fulfill compliance requirements, and more.
The Best of Your 2022 Pivots: Elegant Member-Facing Digital Solutions
Serving your members is the mission and goal of every credit union. And that means creating amazing customer service opportunities, both in your branches and online.
Your credit union has likely spent years, even decades, perfecting your in-person services, and IMSI has done the same thing when it comes to providing top-tier online support and services to credit union members.
IMS Integration has everything from elegant member-facing solutions like Online Courtesy Pay, Web Loan Applications, Online Self Service forms, and account opening to sophisticated professional services that include custom web development as well as batch and UI scripting to ensure your website runs smoothly and offers your members the best in online credit union and banking services.
