How Credit Unions can Survive the Future
Credit unions have two choices these days: Evolve or dissolve. Big, national banks are providing more customer services and tools than ever before, making it increasingly difficult for credit unions to compete. At the same time, Millennials – the next generation of banking customers – are coming of age, with the expectation that their financial institutions offer the same satisfying customer experience as Amazon.
Credit unions are often working with limited resources, struggling to find the time, staff or budget to parse analytics or develop innovative platforms. But what credit unions may lack in “amenities,” they make up for in both customer service and member experience. Their goal should be to capitalize on what differentiates credit unions from the rest of America’s financial institutions.
For credit unions to survive and grow, they must be willing to rethink the entire member experience and innovate with three goals in mind: generate revenue; incentivize desired behaviors; and deepen relationships with their members and local businesses. These goals can be accomplished through the adoption of an incentive program which generates member engagement and increases revenue.
The latest eBook from Buzz Points, written specifically for community credit unions, answers the following questions:
- How can I rethink the member experience on a limited budget?
- How can credit unions benefit from any time of incentives program?
- What are the tangible benefits for my members?
- What does long-term success look like?