by Ariella Davis, Mainsail Trim
In today's competitive financial services landscape, credit unions need to go above and beyond to stand out and become the preferred financial institution for their members. By taking a few strategic steps, credit unions can differentiate themselves from the competition and build a loyal base of satisfied members. Here are some key steps credit unions can take to become the preferred financial institution.
- Emphasize personalized service: One of the primary advantages of credit unions is their ability to offer personalized service to their members. By emphasizing this aspect of their business, credit unions can build strong, long-lasting relationships with their members. According to a study by PwC, 65% of customers feel that a positive experience with a financial institution is more important than product features or price. This highlights the importance of providing personalized service to members.
- Offer innovative digital services: While personalized service is important, credit unions also need to offer innovative digital services to keep up with changing customer expectations. This can include everything from mobile banking apps to online loan applications. By offering a range of digital services, credit unions can provide members with the convenience and flexibility they expect.
- Focus on financial education: Another way credit unions can differentiate themselves is by providing financial education and resources to their members. By helping members improve their financial literacy, credit unions can build trust and establish themselves as a valuable resource for their members. According to a study by Javelin Strategy & Research, 46% of consumers say they would be more likely to switch to a financial institution that provides financial education and resources.
- Engage with the community: Credit unions have a unique opportunity to connect with their local communities and build goodwill. By sponsoring local events, participating in community service projects, and supporting local businesses, credit unions can demonstrate their commitment to the communities they serve.
In conclusion, by emphasizing personalized service, offering innovative digital services, focusing on financial education, and engaging with the community, credit unions can become the preferred financial institution for their members. By taking these steps, credit unions can build strong, long-lasting relationships with their members and differentiate themselves from the competition.
- PwC, "Financial Services Technology 2020 and Beyond: Embracing Disruption"
- Javelin Strategy & Research, "Financial Education as a Path to Engagement and Trust"
For more information on Mainsail Trim services, please visit our website at mainsailtrim.com
