Like many industries right now, it seems like the top credit union concerns are changing rapidly. But many of them boil down to accessibility, security, and improving member experience.
As we move through 2022 trending topics, it’s good to compare these new trends with the mission and vision of your organization, as well as the member demographics that your specific credit union(s) will be serving.
We are all being affected by change fatigue lately, so choosing the best credit union concerns to address in the last months of 2022 means taking a good look at the industry as a whole but remembering that you still have a job to do, and your credit union has a niche to fill in your communities.
By focusing on these areas and staying informed with insights from prominent CU news sources and the IMSI blog, you can quickly figure out which credit union concerns and 2022 trending topics deserve your attention.
Cashless & Contactless Are Kings
By 2030, Gen Z’s economic power is expected to increase fivefold, and when combined with millennials, they’ll make up 72% of the workforce just before that.
Catering to your younger members (and growing that base) is essential to the success of any business that hopes to continue serving clients in the next several decades.
Top-tier payment experience is a must-have for credit unions and businesses as a whole. Cashless and contactless payments are no longer considered a fresh, new luxury – they are a requirement for your member’s experience. In fact, more than half of global millennials are likely to avoid patronizing and partnering with businesses (and credit unions) that don’t offer cashless and contactless payments
The popularity of ACH payments and digital wallets will mark a heavy difference in the way the world’s economy operates in the coming years. Because of this, creating contactless payment options should be at the top of your list of credit union concerns for 2022.
Protect Data Privacy through Cybersecurity
Growing concerns for cybersecurity threats and best practices continue to be among the top 2022 trending topics, regardless of which industry you work in.
Recently, CUNA reported a strong show of support from credit unions on the subject of data privacy and cybersecurity.
Your credit union members are not satisfied with empty comments and promises that their data is safe if you can’t share what plans and protocols you have put in place recently to protect their data and financial privacy.
The credit union concerns that stem from extra data protection and cybersecurity are online and remote user experience. Your members want secure financial transactions and bank accounts through your credit union, but they also don’t want to struggle to access them.
As we navigate that fine line, it’s important to remember that user error is the most common cause of most global security breaches.
Credit vs. Debit Card Use
Credit unions are financial institutions that are built on the premise that banking should be done through a business that doesn’t just care about the financial health of its members, but also strives to promote financial education and community outreach.
Because of these roots, more and more banking experts are being called upon to help their members figure out whether a debit card or credit card is right for them. Because fraud and identity theft are on the rise, it’s wise to let members know that with a credit card, the card issuer will have to fight to get the money back, and with a debit card, the member is the one who will have to fight.
Your credit union is uniquely positioned to be able to solicit feedback from your members on what their payment preferences are, and what types of rewards or features they want their credit and debit cards to have.
For example, many Gen Z and millennial members across the US are more likely to use debit cards, having grown up in times of prolonged financial and economic crisis. These generations are also more concerned about debt mitigation – this should be an important focus area for addressing credit union concerns this year.
There has also been an uptick in credit card product creation – this includes how the cards work, what rewards or benefits certain cards can offer, and more. Catering to your members of all ages through credit card features is another 2022 trending topic that could gain you some members and increase current member satisfaction as well.
IMSI: Comprehensive Solutions for Credit Union Concerns
IMSI was built by credit union industry experts. We offer a host of Keystone solutions as well as credit union and customizable and professional services to ensure your credit union has the greatest chances of digital success.
You know your members best, and IMSI is here to help you continue to serve them with optimized processes and online solutions.
Are you interested in exploring IMSI’s offerings? Reach out to us today and request a consultation.