Credit Unions are trusted financial institutions with a legacy in financial services but like many financial organizations, they are facing more challenges than ever in the financial marketplace. A November 2013 survey of 547 Credit Unions was undertaken by Sundeep Kapur of Allied Solutions alongside the National Association of Federal Credit Unions (USA) to identify and look at some of those challenges. Regulatory Compliance is always a challenge.
But the results showed many of the challenges today are related to determining HOW TO:
- Provide member value to last a lifetime
- Grow Member relationships beyond an average of 2.5 products per member
- Attract & retain members by creating deeper relationships
- Increase both Self Service & Digital Channels & Connections with members
- Help/Mentor members learn what they need to know
- Compete with non traditional financial organizations
- Do more with existing members (especially if they are using another partner currently)
- Reduce marketing costs from an average of $9-$11 per consumer and/or receive specific or better return on that investment
Or In Summary: How to reduce costs, increase member engagement and drive incremental revenue because Credit Union Members want Convenience, Knowledge, Recognition, Services and Innovation while having higher expectations, questionable loyalty to a brand , and lower attention spans A Tall Order to be sure, but these are the key benefits that we truly believe LegacyTracker can help your Credit Union with.
If you would like to read the survey, you can download it here