How can credit unions improve member retention with integrated digital investing?
Do
you know where your members go when they want to invest? Perhaps you’ve even
done the analysis of deposit outflows to determine which third-party investing
apps your members are consistently sending money. Recent research
by InvestiFi has found that investors are increasingly utilizing third-party apps
in order to be able to access self-directed investing options, including
cryptocurrency.
The lack of accessible investment options for members through their credit union is forcing them to use third-party investing apps such as Coinbase, SoFi and Robinhood, fragmenting customer relationships, reducing loyalty and engagement, and creating a data deficit. So what can credit unions do to retain members who want to invest?
The introduction of integrated investing solutions by credit unions is capturing the attention of members who are already comfortable with digital investing but prefer the security and trust of their credit union. These kinds of solutions are also giving members the confidence to invest for the first time as many of them may have been lacking the financial education needed to confidently commit to investing.