General Trend Focus
We know that credit unions are member-owned, and therefore provide a lot of benefits to the membership. There are more 6,000 credit unions in the United States, serving more than 100 MILLION members. That’s 45.4% percent of the economically active population! With that said, credit unions still need to plan for marketing, advertising, and new member recruitment. Below are the trending topics when it comes to credit union marketing in 2019.
Credit unions must concentrate on meeting member needs and continually pushing for engagement, member involvement, and fulfillment. Extending their efforts and stepping into more consumer spaces is also essential, driving trends like community outreach, portable applications and instruments, and chatbots. User experience is KEY in 2019!
Attracting Young Members
With the average age of a credit union member being 47, it is vital for CUs to attract younger members who are more likely to need borrowing and loan support. With Millennials applying for credit cards at a higher rate than any other generation, there is a need to be served. There are a few credit unions who have recognized this need and have come up with very creative ways to serve it.
For example, Fairwinds Credit Union wanted to provide easy access to their services for a generation accustomed to digital access. So they created “Virtual Advisor,” a platform for voice and social media access to banking and lending services. The platform allows member access through Facebook. Alexa, Google Home, and SMS, where members can ask questions, applying for a credit card, make an inquiry, and more.
With an average member age of 39 (well below the national average of 47), Michigan State University FCU has reached younger membership opportunities by offering different types accounts to different age groups ranging from elementary age to college age students. Finding unique ways to attract a younger membership is just as important as keeping your current membership happy, but continued growth is imperative to success.
Improving Member Satisfaction
Credit Unions are known for having high levels of member satisfaction. However, it is important to consider what components of service are most important to the different age groups that make up your membership. While older members may consider having regular face-to-face contact with employees, younger members may find a secure and reliable digital experience a high ranking component. The easiest way to determine how much emphasis to put on aspects of service is to ask your membership.
Create a list of five key components your union wants to focus on, and ask your membership to rank them in order of importance. You may find that older members consistently choose one focus area, while younger members choose another. However, that one key area that both agree on is where you should put the most effort forth.
Embracing Digital Financial Tools
Many credit unions haven’t put significant resources into digital efforts when compared to the “big banks.” However, for younger members, online and voice-enabled banking is not only something they expect but also something they demand. The ability to bank anywhere, at any time, is a feature that the younger, more experience-oriented members require. IMSI works with Credit Unions specifically, bringing together the best in web development, industry expertise, and superior customer service, so please let us know how we can help you!
Community outreach has always been an essential component of financial marketing. Credit Unions have an advantage in this area, as most are community-based, and known by the community members they serve. Working in tandem with local schools, you can teach children about saving and the benefits of a credit union. Holding informational sessions for first-time homebuyers and discussing different types of loans and mortgages, or partnering with local colleges to educate incoming students about different types of student loans, are just a few of the ways that you can work with community members while educating and encouraging them to become members!
IMSI can help your credit union “go digital” while ensuring the safety and protection of your members and your institution. Contact us today, and see how we can help you grow!