Financial Wellness and Credit Unions

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Two-thirds of adults in the U.S. say that money is a significant source of stress in their lives, according to the American Psychological Association. And money-related stress is more prevalent in younger adults, which means it’s time to start talking about financial wellness benefits and strategies for your credit union.

Financial wellness is a hot topic in the world of personal finance today. Financial wellness is all about ensuring you have the financial stability and security necessary to achieve your goals and live a fulfilled life. Credit unions are playing an ever-growing role in helping people reach their financial wellness goals due to their unique structure, services, and commitment to their members.

Why Credit Unions Should Lead with Financial Wellness Programs

Financial wellness is the state in which someone finds themselves with enough money available for their expenses (bills, debts, and emergencies) as well as some ability to plan for and build their financial assets for future endeavors.

Financial uncertainty is at an all-time high, and so is the general public’s distrust of big corporations and banks. So why should credit unions lean so heavily into financial wellness initiatives for their members? Because they are already perfectly positioned to do so.

Credit unions have so much more data and knowledge of the communities and individuals that they are serving, and that means your knowledge of the local financial climate is better than that of a big bank.

But it’s more than just curating a great Resources page on your credit union website. You can help your members learn how to keep up with and understand transactional data and help them find solutions to their specific financial issues.

Your members don’t want general, one-size-fits-most advice – they can get that from Google. But what you can offer them is a personalized approach to financial wellness programs, whether it’s classes that teach financial education or one-on-one meetings to help someone improve their credit score to apply for a car or home loan.

A Human Approach is Powerful

Your members are real people with real struggles. They want tailored assistance and insights that help them navigate their financial future with confidence. According to NCR, more than half of all banking members want their primary financial institutions to give them personalized financial advice.

Simply sharing links and resources with helpful information isn’t enough. Think of it like this: if everyone could learn best from a written resource, there would be no need for teachers. So, what makes teachers so valuable? It’s the human connection and the ability to break down subjects in a way that can reach students of different ages, learning capabilities, and more. 

Your credit union caters to people in all types of financial situations. Like the elderly couple who own a home in the country and live simply, without much dependence on technology. But it also caters to the Gen Z college student who has almost never carried cash in her life and uses digital banking to pay all her bills. The financial wellness resources you’ll share with these two different member types can use several of the same principles, and you can humanize your approach to meet each of their needs.

Financial Wellness Can Strengthen Communities

Financial literacy isn’t just being talked about in the financial industry – it’s also a hot topic in education, from primary school to adult evening classes and college programs. You may be wondering why that is, and here’s the reason: financial wellness benefits not only individuals, but it can also strengthen communities.

Financial literacy and education for adults (regardless of their personal financial situation) helps them learn more about managing personal finances, build better futures for themselves and their children, and also allows them to give back to their communities through charity and products or services they offer through newly opened businesses!

Financial literacy is also being taught more in schools (an effort credit unions can help with if they choose to). This creates a better understanding of how financial decisions should be made over the course of a decade, a person’s life, or even generations. Basic financial education and literacy can help set teenagers and young adults up for a lifetime of success.

Creating opportunities for people to start learning about financial wellness through every stage of their lives is a great way to strengthen the personal and economic aspects of the communities you and your credit union serve.

This also helps strengthen communities by creating opportunities for people to be open and honest about their financial struggles – something that is becoming a larger part of the financial wellness movement. Mental health and work-life balance are now larger motivators than high salaries, and that means being smart with your money also has a mental and emotional component to how your members are making financial decisions, from everyday purchases to long-term investment and retirement planning.

Help Your Credit Union Members with Financial Wellness Services Powered by IMSI

Your members have all come to your credit union for different reasons and with different financial plans. They have different preferences for your financial products, services, packages, and expertise. And IMSI wants to help you meet those needs.

IMSI offers online self-service forms that help you collect the information required to fulfill member self-service requests. You can customize them and integrate them with your other online banking services. 

Don’t Miss These Top Credit Union Conferences in 2023

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So much has changed since the earliest days of the pandemic, in our lives and in the credit union industry. The rise of digital transformation, branch sharing, and so much more have shaped how your members interact with your credit union, as well as how your credit union does and should do business.

And now that we’re settling into the days of the “new normal,” we are comforted that many things look the same now as they did before 2020, like full in-person and online conference schedules that allow us to connect with industry peers and experts.

With that, we wanted to kick off the new year with some great insights about the top credit union conferences that will be taking place this year.

CUNA Marketing & Business Development Council Conference

The CUNA Marketing & Business Development Council conference is being held in Orlando, Florida on March 26-29, 2023, and it will focus on addressing relevant and impactful trends in the credit union industry right now.

If credit union marketing is a topic you are looking to dive into this year as you are looking for the best conferences for your team and leaders, you should also consider the MAC (Marketing Association of Credit Unions) 2023 Conference as well, which is being held in Nashville, Tennessee from May 22nd to the 25th.

Engage 2023: NAFCU’s Annual Conference

June 27-30, 2023 is when NAFCU is having its 2023 conference in Long Beach, California. This conference is perfect for credit union CEOs, presidents, executive management teams, board members, and supervisory committee members. Their daily general sessions will cover a wealth of topics that will be engaging and informative for any credit union professional looking to learn more about the industry we all love.

Some of the things you’ll be doing include learning about emerging industry trends, discussing actionable insights like how to attract and retain quality talent, and diving into a wide array of topics like cryptocurrency, AI, payments, growth strategies, and more.

For credit union leaders looking to focus on growth in 2023, NAFCU is also holding a Strategic Growth Conference in Nashville, Tennessee in March.

2023 World Credit Union Conference

From July 23rd to the 26th, in Vancouver, Canada, the 2023 World Credit Union Conference is being hosted by the CCUA (Canadian Credit Union Association) and the World Council of Credit Unions.

This unique conference has a global attendance roster, which allows you to network with people from all over the world while you discuss the similar (and differing) credit union trends, struggles, and techniques that make our industry tick.

There are general sessions and 4 concurring breakout sessions per day, with lots of opportunities to network and learn from your CU peers all over the world.

Expand Expo 2023

We wanted to offer a variety of learning and networking opportunities in this article, and that’s why we also wanted to feature the Expand Expo 2023, a conference more geared toward training and development in the CU industry.

This conference is scheduled for September 17-21, 2023 in Hershey, Pennsylvania and is hosted by Horizon Federal Credit Union. You will get to learn about how to create loyal members, connect with others, develop a work-life balance, and increase performance through emotional and behavioral change. You can learn more about this 2023 conference here.

IMSI: Your Partner in Those Big Post-Conference Plans

For more 2023 conference information, you can check out CU Conferences and NAFCU’s Conferences page.

You can also learn more about upcoming credit union conferences by visiting the Conferences and Events page from Credit Union Executives Society. It has tons of educational and networking opportunities listed, both online and in person.

Your credit union deserves an online stage that is worthy of the best conference hall and reception. And IMSI has a wealth of great services to help you put your brand’s best foot forward.

Our well-honed industry experience coupled with our technical expertise in web development is the perfect combination for your next credit union website project. Whether you are looking to add more self-service forms or landing pages to your site, or you are looking to refresh everything from the homepage on down, check out our custom web development services and contact us for more information.

And don’t forget to let us know what 2023 conference you’re most excited about and why! Follow us on social media and here on our blog page for insights about the credit union industry, tips and tricks, news, and more.

3 Credit Union Marketing Mistakes and How to Fix Them

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Credit union marketing mistakes are easy to make. You have a monthly newsletter, and you recently added social media and other marketing channels like email promotions or app communication to your marketing mix. But things aren’t progressing the way you want – what are you doing wrong?

Let’s talk about some of the top credit union marketing mistakes, and how you can fix them to boost your engagement, your member numbers, and your brand reputation.

Mistake #1: Not Setting Clear Measurable Goals for Your Marketing Efforts

If you are increasing your number of weekly social media posts simply because a marketing blog told you that 5-7 posts per week is optimal, you likely won’t see the results you’re hoping for with those marketing efforts.

Credit union marketing mistakes often start with a failure to create measurable and targeted goals and objectives.

Let’s stick with the social media example – what’s your goal with those platforms? The goals can be specific to the platform or to your credit union’s yearly goals for member or loan growth, community outreach, or even staffing.

Common goals include growing your audience, increasing traffic to your website or apps, and overall conversions. But it’s important to remember that social media marketing is a specialty, and you can’t just copy and paste your monthly credit union newsletter into small Facebook or Instagram posts.

No matter what platform or medium you are using for your marketing efforts, it’s important to analyze the effectiveness of your marketing vehicles against the goals you have for your credit union marketing efforts.

Mistake #2: Thinking of Your Programs as Individual Marketing Assets

Your credit union’s brand voice and reputation should be cohesive. But another one of the top credit union marketing mistakes that we see often is a sort of piecemeal implementation of trendy or short-term programs that don’t really enforce your brand or help your members.

For example, many banks and credit unions are seeing the benefit of removing fee structures. This includes things like transaction fees, overdraft penalties, and more. They are finding that the revenue they lose by doing this is more than made up for in new and more engaged member communities.

Business leaders are often talking about “the big picture,” but that big picture isn’t measured solely by your profit margins. If your credit union is in a more rural or agricultural area, the big picture will look different than one that is located in a low-income community within a larger city. And that’s a good thing.

When you are thinking about using your marketing efforts to promote new services, it’s often helpful to take some time and look at how those new services are going to be beneficial to your members. What are their goals? Do you work within a specific industry? Are there ways to cater to your different member segments with new programs that fit your overall structure as a credit union?

Your credit union marketing efforts should be based on your audience and their specific problems. And don’t be afraid to think outside the box a little. If the last few years have taught us anything, it’s that some credit union marketing mistakes can turn into amazing opportunities.

Mistake #3: Not Personalizing Your Marketing Efforts

Personalization often makes people think of adding a First Name to an email subject – and while, yes, this is a type of personalization, there are so many other ways to incorporate unique and specific perspectives into your marketing efforts.

As you look through your credit union marketing mistakes, it’s easy to get lost in the many channels you can use to get your message out, but it’s important to also stop and analyze what your members are doing and how you can help them do it, using your products, services, and assistance.

For example, CUInsight just shared a great article about how credit unions could be missing great marketing and sales opportunities by simply facilitating members as they are operating, rather than offering to use your services to optimize their financial experiences.

The article recounts a discussion about how staff members can use member lending data to create opportunities for your credit union instead. Essentially, if you know your members have auto or other loans through third-party vendors, why not compare those loan details to what you can offer and see if you can’t offer them a way to save some money by working with you instead?

Personalization and market segmentation are all about following the stories of your members and finding solutions and helpful programs they could enroll in at your credit union instead of going elsewhere.

Send loan program emails to members who have expressed interest in revamping their lending options. Create and share surveys and questionnaires that help your members dig into what areas of their personal or business finances could use some adjustments. Everyone who comes into your credit union and opens an account has already trusted you with their money, and they’ll feel great knowing that you can help them “hack” their finances to optimize their savings, grow their investments, and reach their goals.

Marketing Tip: Focus on Member-Facing Web Solutions with IMSI

IMSI’s services are helping credit unions optimize their member experience. Great member experience can create its own marketing opportunities in business partnerships, positive reviews, referrals, etc.

IMS Integration is here to help you implement elegant, member-facing web solutions, including:

  • Make a Statement: communicate more efficiently with your members using eStatements, eNotices, and more.
  • Online Courtesy Pay+: an online solution for electronic, opt-in enrollment that is quick, easy, and seamlessly integrates with existing intranets and other online platforms.
  • Online Self Service Forms: increase member autonomy and agency with dozens of customized self-service forms that include things like Add Joint Owner, Check Reorder, Email Change, Express Services, and more.
  • Trial Balance+: a versatile tool that allows users to access and export member account information from any branch with single log-on.

Benefits of Credit Union Content Marketing

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Credit unions occupy an interesting space in the financial industry. Many of them are smaller, local businesses, but there are others that operate on a national or global level. Regardless of the size of your credit union, there are many reasons why you should be using content marketing to promote your CU’s services.

Content marketing is one of the most popular forms of marketing right now. But what is content marketing? How do you create effective marketing content? How does it benefit your credit union?

Here are some of the top benefits of credit union content marketing.

What Is Content Marketing?

Though the phrase “content marketing” seems to be a new buzzword, the practice has been around since the 1700s. Historical pamphlets, almanacs, and other written information used to create a narrative or promote an idea or business are all content.

In today’s terms, content marketing is a strategic approach to marketing that focuses on creating high-value content. The goal of this content is to attract or retain a specific audience, and to use that audience to create or grow your customer base.

Content includes everything you say to your customers, whether it’s through email campaigns, social media, newsletters, webpages, and more.

Even if your credit union doesn’t have a designated content marketing strategy, you are likely still using content marketing in your overall efforts.

Ways to Amplify Your Credit Union Content Marketing Strategies

The Credit Union Times shared an article about new ways for credit unions to use content marketing.

Their first suggestion includes creating a podcast. Podcasts are a great form of content, especially if you are educating an audience on complex or in-depth topics. Credit unions can benefit from podcasts in many ways.

First, it’s an easy educational resource to offer. You can invite your board members to speak about certain financial topics, including episodes about budgeting, securing a home or auto loan, and much more.

And second, the content can often be evergreen. That means no matter when your members listen to it (whether it’s today, tomorrow, or next year), the information within the podcast episode is still relevant. This is much different than other forms of content, like social media posting, for example.

Another great form of content is blog articles. Another great educational opportunity, you can use a credit union blog to share industry or local news, teach members about your products, services, and other insights, and so much more.

There are hundreds of different forms of content, and many of them can be leveraged to share your credit union’s mission, insights, and services.

New Content Freshens Up Your CU Website

The primary source of brand content for your credit union is your website.

Your website is the face of your brand. It tells potential and current members everything they need to know about who you are and what you do. And you would be surprised how quickly website content can look or sound outdated.

The content on your website should represent your credit union as it is today. Have you updated or changed your offerings? Created new initiatives or educational resources? Have you done some analysis of your website traffic and found that certain pages are performing better than others?

You can use these insights and ideas to start working on better, more optimized content. And don’t forget about SEO (search engine optimization). Even the best website in the world needs to be discoverable, and most people head to search engines when they are looking for answers or solutions to their questions and problems.

If you are in a period of high transition in your credit union, revamping your website might need to be done several times in the next few years. Or if you are well-established and running consistent programs that have great website content already in place, an overhaul may only need to take place after several years, to keep the site from looking dated.

Optimized Content + Great CU Solutions = Success

Credit union content marketing is another tool that can help boost your brand. This means more website and social media visitors, and, ultimately, more members. But your content has to be talking about the products and services you offer that make your members’ lives easier.

Luckily, IMS Integration can help augment those offerings with elegant, member-facing solutions that include:

  • Make a Statement: Statements and notices are a necessity for your credit union. And whether you are still printing and mailing statements or sending them all electronically, Make a Statement can help.
  • Online Courtesy Pay+: Regulation E amendments and the fast-changing world of compliance are elevating enrollment requirements. IMSI developed an online solution for electronic enrollment that is fully integrated with the core system and handles the regulation required member notifications.
  • Online Self-Service Forms: IMSI’s online self-service forms collect information required to enable member self-service requests fulfillment.
  • Trial Balance+: This tool enables the export of member account information to an external secured system. It’s versatile, with a rich user interface, and it can be accessed from any branch using your favorite web browser.

Check out our website for more information, or request a consultation today.

Post-COVID Member Habits

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It feels like no matter what, COVID-19 isn’t done with us. Schools, small businesses, healthcare providers, credit unions – we are all scrambling to find the best ways to keep our livelihoods intact and our families safe. And as such, this has affected how we do things, from day-to-day activities all the way up to prominent life events and important company decisions. And member habits are not immune to the pandemic, just like credit unions and leadership and innovation practices weren’t.

We’ve recently seen statistics and reports laying out post-COVID member habits look like. And most of these reports say the shift in habits is here to stay. Let’s talk about it.

Digital Trends Are Dominating

The gigantic shift from in-person to digital member services was due, in part, to the pandemic. While it’s true that each generation is more and more tech-savvy, older credit union member habits were rooted in just that – habits. While check fraud has been on the rise for decades, older members seemed to still place more inherent trust in their paper checks than in an online account. When many of the face-to-face member options were suspended, older members had to adjust their approach to include more digital options.

In 2020, international credit union membership grew by more than 14 million members. Digital banking solutions will continue to be the most important trend that affects your credit union’s future and should be the basis for continuity and growth planning.

According to Aux, 60% of 2021 survey respondents said they believe member usage of branches will never return to pre-COVID levels.

Women and Young Members Are Biggest Growth Opportunities

The World Council of Credit Unions released a 2020 Statistical Report that showed North America as having the oldest average age for members, at 53 years of age. Worldwide, credit union members are over the age of 45. There is a lot to be said about creating more Gen Z-centered marketing programs and modernizing your credit union’s digital presence.

This report also underscored the importance of creating more opportunities and campaigns to increase the number of women as members and in leadership roles. In Africa, Latin America, and North America, men hold more than 60% of leadership positions. This could hurt future expansion if your credit union hopes to attract more women to become members.

Financial Habits Are Shifting Towards Savings

A recent survey from Aux done from May to June of 2021 highlights areas of change and focus as it pertains to post-COVID member habits and feelings.

When participants were asked what areas they felt consumers will spend more on, the most popular answers were home improvement and travel. And many credit unions have noticed that lending is much less popular than saving right now, which means future loan campaigns and marketing efforts will be successful when they focus on these popular spending categories.

Elevate Your Credit Union to Match Member Habits Post-COVID

When Aux respondents were asked, “how they felt their members’ needs and values have changed…common themes were faster access to money and more digital tools.”

Digital transformation isn’t an abstract idea, it’s a global movement, and your members are depending on you and your credit union to offer the best online solutions to help them navigate this new normal with less friction and wasted time. Online account opening, Skip a Pay, and web loan applications are some of IMS Integration’s greatest assets that help credit unions meet and exceed their members’ expectations.

Check out our website for more information, or contact us today.

Kids and Credit Unions: Bolstering Engagement in Younger Generations

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Parents are more uncertain than ever when it comes to figuring out the appropriate timelines for teaching and exposing their children to certain tools and learning opportunities. When do you get them their first phone? Their first bank account? In a world where they can find the information before you show it to them, it’s a good idea to help your members determine when to mix kids and credit unions. Here are some of the best tips we’ve found.

Kids and Credit Unions: When to Start

“Technology has changed the way we make purchases and track them, and kids need to know how things work,” Forbes says in their article “When to Get Your Child a Bank Account And Debit Card.”

Your members are likely struggling to decide when and how to start teaching their children about financial health. While there is no perfect age to introduce them to the world of banking, many experts say the time to start showing them how money and savings work is when they are old enough to understand. Most children can comprehend an introduction to banking between the ages of 8 and 12. 75% of university students don’t know what credit unions are, and the sooner you can get them acquainted with your credit union, the more likely they are to utilize your services as adults. Let’s talk about some ways to bridge the gap between kids and credit unions.

Include App Education

Popular financial apps like UNest and Acorns are creating banking solutions for kids. The younger generations are looking for quick, mobile, and app-based banking solutions and insights. UNest is a credit union-friendly app that partners with CUs to help parents make smart investments for their kids’ futures.

Your credit union can appeal widely to younger potential credit union members by offering educational content and resources that help kids and their parents traverse the latest financial technology. It is also a good idea to audit these apps for their merits and create kid-centric programs to compete with top fintech brands.

Run Kid-Centric Campaigns

April is National CU Youth Month, and this is a perfect time to launch or highlight programs your credit union has available for its youngest members.

The Consumer Financial Protection Bureau has many great resources for catering to a child’s understanding of financial education. They offer resources that describe money milestones, money choices, and much more. Some of their topics include talking about: buying a car, getting a pet, moving to a new house, paying bills, and paying with credit and debit cards.

Credit unions are uniquely positioned to provide financial education resources and events, why not lean into that to appeal to your most curious members?

Leverage Credit Unions’ Foundation

No matter how well-done the campaign, advertising to children is a difficult course of action. And when it comes to opening bank accounts, using credit cards, and the like, targeting children with your campaigns can feel particularly egregious to parents. Enter your trustworthy credit union.

Since credit unions are member-owned, there are no banking executives who are padding their pockets with a child’s allowance money. The money a credit union collects from its members ends up right back in the members’ hands, in the form of fewer fees and better interest rates.

The Future: Kids and Credit Unions

IMS Integration has a wealth of well-honed industry expertise, and we want to use it to create a custom web development plan to help you reach a larger demographic of members by catering to younger potential members. We offer everything from online member applications to data extracts and manipulation, third-party integration, and more. Request a consultation today for more information about our credit union solutions. 

 

Web Development for Credit Unions

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In an increasingly digital world, your credit union’s website is the new interactive business card, a source of income, and the main way by which prospective members will judge whether you are the right fit for their financial needs. So let’s talk about web development for credit unions: what to do, what not to do, and more.

Take Advantage of Tracking and Analytics

Your data is only as good as your analysis of it. Data is business gold. It can tell you things about the best times to run certain promotions, the behaviors of different member demographics, and so much more.

When it comes to leveraging your data, you should first break down your credit union goals, and then start collecting data to help give you insight on how to achieve those goals.

End-to-end tracking is also a must. For credit unions, lead tracking and ROI tracking can provide a multi-directional approach to meeting your business goals. Your members and their behaviors can tell you everything you need to know about what products and services you should be offering, and the best methods for doing so.

Prominently Feature Self-Service Options

Typically, people surfing your website are there because of a search or other desire for a product or service brought them here. By prominently featuring self-service options, you give your visitors what they want in a quick and efficient manner.

Online web loan applications, courtesy pay, and other self-service forms are a great way to differentiate your credit union. Many credit unions fail to prominently display self-service opportunities on their websites, and this causes a lot of frustration among visitors. If you are one of the few that takes advantage of this web development for credit unions, it can not only drive more business, but it can also set you apart from other credit unions that are not taking advantage of this web design.

Marketing Trends for 2022

The Financial Brand recently published an article on “How Banks and Credit Unions Are Rethinking Marketing for 2022.” This includes changing up your media mix, reevaluating your marketing budget, and focusing on financial inclusion.

Some of these new trends will affect the web development of your credit union. Members are now more comfortable using multiple banking institutions to help make the most of what they are being offered. The focus now is to be more flexible and innovative, to capture the top spot in your member’s minds. You want them to think of your credit union first. If you aren’t their only financial institution, you should strive to be their favorite.

Don’t Forget about Accessibility

The digital world is one in which many disabilities can become smaller obstacles with the right programming. When you are thinking about web development for your credit union, a great addition to your strategy should be accessibility. Accessibility can be housed within the toggles of your site and can be comprised of things like a “dark mode” setting or designing your online forms to be more accessible. UC Berkeley has a great resource on the top tips for making your website accessible.

Custom Web Development for Your CU

IMS Integration has a wealth of well-honed industry expertise, and we want to use it to create a custom web development plan for your credit union’s needs. We offer everything from online member applications to data extracts and manipulation, third-party integration, and more. Request a consultation today for more information about our credit union solutions.

Boost Member Loyalty for Your Credit Union

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Retention and loyalty are the main foundation of any customer- or member-based business. And credit unions are no different. And lately, reputation and online presence are determining factors in the loyalty conversation. Here are some tips for boosting member loyalty.

Get Creative with Loyalty Programs

Your loyalty program will be as successful as you make it. Members are constantly looking for the best deals, especially when it comes to financial opportunities like lending, saving, and debt consolidation. 61% of financial institution members would prefer to manage their loyalty benefits through a mobile wallet.

The first thing you need to do to boost member loyalty is to make sure your loyalty program accounts for new and developing digital solutions that have come about either by the natural progression to online services or through the rapid digitization of many industries, as caused by the coronavirus pandemic.

Top priorities for your revamped loyalty program should include:

  • Streamlined services: lending, FAQs, user-friendly apps and banking processes
  • Optimized mobile solutions and capabilities
  • Application checklists, reminders, and estimation tools (mortgage, personal loans, web loan applications, and more)

Personalization

Social media, promotional emails, Starbucks coffee cups – people like their consumer experiences to feel personal, not transactional or mass-produced. And credit unions are tailor-made for this. If you can offer similar products and services as big banks but do it in a way that feels significant to your members as individuals, loyalty to your credit union and your financial brand will increase.

Creating authentic conversations and transactions with your members can help them commit to loyalty programs and campaigns. And data and automation can help make the personalization process more efficient and error-free.

Reach Out to Struggling Members

One way to increase loyalty is to offer more assistance and education to your members who are struggling financially. Adding extra classes or online resources that cater to those in the lowest income brackets is a great way to do this.

If you have members who are in arrears, your credit union’s leaders should spend some time brainstorming and implementing processes that can help your most vulnerable members create some momentum for future financial growth and success. This is especially true with Millennial and Gen Z members, who are ultra-focused on paying down debt and achieving financial independence from student loans and other expenses incurred in early adulthood.

Optimize Your Technology

Rapid service and after-hours access are things your members have come to expect in this increasingly digital world. Leveraging technology on all fronts will help your members remain loyal because they know your credit union is at the forefront of innovative solutions.

Technology optimization can mean creating and revamping mobile apps, including new computers or tablets in your employees’ workflows, and creating contactless touchpoints that could include kiosks in your branches, or other ATM or online services that can enhance your member experience.

Boost Loyalty with Customized CU Solutions

A robust digital presence is instrumental to the success and future of your credit union. IMS Integration has a number of elegant member-facing web solutions for your credit union, including Make a Statement, Online Courtesy Pay, Online Self Service Forms, and Trial Balance.

Request a consultation today for more information about these and other credit union solutions we offer.

4 Common Reasons Your Members Switch Banks

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Part of knowing how to create a successful business continuity plan for credit union member retention comes from the knowledge that we gain from studying what makes your members choose to leave your financial institution for another. So here are some common reasons why your members switch banks.

Better Data Protection

The COVID pandemic has accelerated the digitization of a lot of businesses, and that has in turn increased cybersecurity risks. That is why, in a recent study done by Morning Consult, the number one reason respondents switch banks is because they are looking for better data protection.

The easiest way to combat members switching to another bank is to incorporate facts and messaging into your mobile and online banking marketing programs. Because even if their data is safe, members want to know the particulars.

Better Customer Service

Your members have a lot more information than previous generations. If they don’t like a product or service, no matter how long they have given their patronage to a business, they shop around for better options.

This is exceptionally true when it comes to customer service. Consumers are much savvier now, so if the customer service at your location isn’t up to their standards, they likely won’t hesitate to switch banks. In fact, a study from The Ascent reported that 97.18% of respondents ranked “quality of customer service” as either “somewhat” or “very important” when deciding where they’d open a new account. And as digital offerings become more and more accessible and user-friendly, it’s only getting easier for an unsatisfied member to switch banks.

Better Digital Features

According to Banking Journal, recent data suggests that bank customers under the age of 55 are much more willing to switch banks to take advantage of better digital features and services. And 37% of customers regardless of age said they are more likely to switch banks now than they were in the past, likely due to the effects of the coronavirus pandemic in banking and other industries.

Uncertain Financial Times

Our banking situation is often based on the same feelings we have in the summertime. It sounds crazy, but think about it: if you are at your son’s baseball game or a backyard barbecue, you want to park your chair somewhere in the shade. And for as long as the shade covers you, even while the sun changes position, you stay in that spot, even if there are bigger shade spots nearby.

Your banking situation is the same: if we are in pretty stable financial times, most people are fine with not needing to switch banks because nothing is making them think about making a switch. But if we are in the middle of economic instability, like a recession, people will be more apt to shop around and consider looking into the steps it takes to switch banks.

IMS Integration Can Help Build a Strong Foundation for Your Digital Credit Union Needs

IMS Integration is here to assist you so you can better serve your members. With our professional services, you can take advantage of custom web development, UI scripting, batch scripting, and custom electronic forms.

Request a consultation today for more information about our credit union solutions.

Tips for Improving Credit Union Member Retention

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Acquiring a new credit union member typically costs between $400 and $700, according to CU 2.0. Depending on different estimates, it takes about 2 years for a banking customer to generate enough revenue for your financial institution to cover that initial cost. And with something like 40% of new customers will churn before the institution makes that money back.

Let’s dive into some tips for improving credit union member retention.

Continue the Relationship

Credit union retention isn’t helped by new member acquisition. Once you’ve wowed a prospective member into joining your CU, it is not the time to pump the breaks on your communication with them.

One of the most crucial ways to improve credit union member retention is to continue the relationship you started. There are tons of ways to accomplish this. You can set up automated email sequences to trigger when members take certain actions – remember that every email doesn’t have to be sales-y. You can share knowledge, educational opportunities, and other worthwhile insights with members to remind them that you are their financial partner, not just a financial service.

Engagement Fosters Retention

This communication doesn’t have to be one-sided: give your members lots of chances to participate in the conversation, too.

Keeping in touch through your members’ life and family changes can encourage them to reach out more readily when they have new and evolving financial needs. Meet them where they are: in the community, on social media, on your website. And be sure to build engagement into your brand’s communications across platforms.

Another great way to foster engagement is by offering surveys. Today’s consumer is very adamant about using their voice to promote the brands they love, and to speak up and advocate for changes they wish to see in a brand.  

Stay Competitive – Especially with Your Technology

Credit unions are no longer the dinosaurs of fintech – they are bringing targeted IT solutions and online offerings that rival big banks. Now more than ever, your member retention depends on the accessibility and user-friendliness of your online products and services.

Update your website and its interfaces. Make sure you promote your online services in easy and convenient formats. Start building a cache of resources – video, written content, reports, and more – that can point members in the right direction when they don’t want to speak to a representative over the phone. And make sure you have great chat capabilities – if it’s not well-done, it can cost you members.

Offer Customization Where It Makes Sense

Big banks can offer more standard services than most credit unions can, but in today’s digital age, people are looking for options. Customization is no longer a preference, it’s a necessity for your members.

This is one of many areas where credit unions’ small business size is advantageous. “People often choose credit unions because these member-owned financial institutions offer more customized products based on member interests,” according to Jrni. This is a perfect opportunity for you to put those surveys we previously mentioned to work!

Consider Online Appointment Booking and Queue Management

Some of the best tech solutions expanded by the COVID-19 pandemic are online booking and queues. Many restaurant and other service-based businesses incorporated online booking and queues into their websites. The pandemic showed us there are better ways to do things.

Having a queue management system allows your members to see why they aren’t being assisted right away, and how long they’ll be waiting for that assistance to reach them. This does two big things: it gives them expectations – which results in less frustration and confusion – and it also allows them some agency. They can rejoin the queue later if it’s too long or if they will be busy before a credit union employee can help them.

Expand Your Credit Union’s Digital Reach

IMS Integration can help improve your credit union online offerings, starting with web loan applications. IMSI’s online loan applications are designed to incorporate your credit union brand and image, and can be designed to collect as much information as you need. We also offer a variety of custom electronic forms, perfect for reaching new members and updating your processes.

Request a consultation today for more information about our credit union solutions.