By Jerri Schmidt
Recently a question popped up on a blog that got me thinking. It was, “What is the biggest hindrance preventing your credit union from achieving its desired growth?” There were a number of responses including: the rate environment, upselling at loan application, lack of staff knowledge and motivation, and uninformed members. As a marketing professional, I have experienced a number of substantial economic changes and lived through dramatic changes in technology, data analytics, shifting credit union business models and, most importantly, evolving consumer behaviors. However, the question made me stop and reflect on the efficacy of today’s credit union marketing.
There is no doubt that the nearly decade long recession, particularly slow recovery and lightning-fast developments in technology have changed the way people think about money, including how they handle money, how money works for them, who they trust with their money and how they access and manage their money. The days of members doing all of their business at a branch are rapidly trending down. This can significantly impact CU revenue, profitability and member satisfaction.