MADISON, Wis. (8/27/15)--For credit unions to remain competitive in the future, they must offer the types of products and services that young members demand, Brian Branch, World Council of Credit Unions president/CEO, said in a recent blog post.
“Young adults are flocking to the new entrant market disruptors, which are often global in nature,” Branch wrote. “We need to understand their market advantage and develop competitive strategies that learn from their attraction. In addition, credit unions can explore how they can partner with new market disruptors, as these mobile banking services are already so mainstream among young adults.”
Branch’s pitch to credit unions about the importance of catering offerings to young members comes as part of his overall vision for the movement, titled “The Vision 2020 Campaign.”
In addition to growing membership, Branch says the four key challenges most often reported by World Council members are regulatory burden, payments innovation, small credit union sustainability and competition from nontraditional entrants.
To address these challenges, Branch wrote that credit unions need to continue to fight for a less restrictive regulatory environment and continue to push boundaries in terms of the technology they adopt, among other things.
“Analysis across many countries shows that the credit unions achieving the highest member growth rates are those who provide the full array of products and the omni-channel convenience of branch, online and mobile access,” Branch wrote. “These are the same characteristics that attract young adults.”
Read the full blog post here.