Financial Wellness, Member Engagement & Deposit Growth Remains Top of Mind for Credit Unions, But What Does That Look Like?
Financial
wellness tools, member engagement and deposit growth strategies continue to
dominate discussions. Just flipping through industry news, you’ll see numerous stories
centered on these trends – and this makes sense:
The National Credit Union Administration (NCUA) reports that loan demand is slowing while delinquencies are at an all time high. The savings rate is an all-time low while employment experiences concerning turbulence. Overall household debt just reached $17 trillion. As we inch closer to an election season, there remains tremendous uncertainty.
Meanwhile, the regulatory landscape remains rigorous. Regulators are focused on overdraft and NSF fee income and proposing radical changes to fee structures. There is even debate on giving consumers the option to use credit cards to avoid overdraft fees. At the same time, big banks are being hammered for extremely high interest rates on credit card products, regardless of the individual’s credit risk profile.