The banking industry is entering a new frontier. Less banking is done in physical branches and interactions through mobile apps are shorter, but happening with more frequency.
At the same time, competition is creeping in from new places. Technology companies such as Google, Apple, and Amazon are using advanced technology that puts the customer center stage, making competition to attract and retain customers more important than ever before.
In response, credit unions are adopting strategies to become more member-centric. This means understanding members on a deeper, more individual level, and presenting them with more relevant and timely offers.
The trick is providing members with the right content within the right context and at the right time.
This is why marketers should adopt a member-focused approach through the use of real-time data analytics.
Credit unions run their business as “not-for-profit”—by the people, for the people—with member service as their core value.
To accomplish this, credit unions originally served their members in their physical branches. More advanced credit unions have added different digital offerings to supplement the physical services.
In recent years, however, credit unions face formidable competition from fintech startups that are being creative in the way they engage with customers and the digital experiences they offer.
For credit unions to stay competitive and continue to put their members first, they must adapt new approaches, change their mode of operation, and compete for customer acquisition.
JENNA CORNING is an account executive with NGDATA.