In the age of big banks, many credit unions face unique challenges.
To fight back against bigger players, credit unions need to adapt and stay ahead of the curve to expand their membership base. At the same time, they need to cater to changing demographics that expect different things from their financial institutions. To achieve this, credit unions must launch smart marketing campaigns that attract the next generation.
With that in mind, let’s examine some of the more pervasive trends in credit union marketing to give you a better idea of what you need to do to win business in this evolving climate.
Credit union marketing trends you need to know.
Looking to supercharge your credit union’s marketing efforts in 2022 and beyond? Here are six credit union marketing trends you should consider incorporating into your operations.
1. Modern Technology
If your goal is to attract younger members and encourage them to join your credit union, you need to implement digital tools geared toward more tech-savvy demographics. (But you should still appeal to older generations, who also use technology every day.)
For example, solutions like Webforms, eSign, and eTeller deliver convenient experiences that modern customers expect. From giving members the ability to fill out forms and sign legal documents electronically to speeding up teller lines, these tools can go a long way toward helping your credit union stand out.
2. Chatbots
Chatbots—or artificially intelligent customer service bots that help members solve problems and find information—are becoming more and more popular. In fact, research suggests that the market for chatbots, which pulled in $2.8 billion in 2019, will reach $142 billion by 2024. This is because 40 percent of internet users prefer talking to chatbots over virtual agents—a trend we expect will accelerate in the future.
By deploying chatbots on your credit union’s website, you can speed up customer service, automate where possible, and attract more attention from prospective members.
3. Email and Social Media Marketing
Investing in modern credit union solutions and chatbots is one thing. But how can you expect your members to know about those investments if you don’t advertise them?
One way to show off your new tools is by marketing them through email and social media. Email marketing delivers significant ROI, and your members are hanging out on social media all day long, so this is a no-brainer.
4. Personalized Experiences
In an age of custom recommendations for everything from movies to groceries, it comes as no surprise that customers today expect personalized experiences.
With tools like eTeller, delivering personalized experiences is a cinch. Tellers have instant access to a complete profile of each customer, saving the time they would previously spend searching for information and reinvesting it in the customer experience.
5. Digital Content
More banks and credit unions are doubling down on digital content to engage with members and prospective customers. By creating blog posts, videos, infographics, and e-books that provide helpful information, you can deliver more value to your audience and encourage people to head into your branch and see what you’re all about.
6. Improving the In-Branch Experience
Younger generations go to credit unions more often than they go to banks. To ensure that these visits are productive and helpful, you need to do everything in your power to ensure that your branches are as modern and decluttered as possible.
This is another area in which digital tools can be quite helpful. For example, if your credit union relies on paper documents, solutions like Webforms and Laserfiche can help you digitize important documents, forms, and files. This will reduce your reliance on clunky filing cabinets and present a more open and spacious interior to everyone who walks through your doors.
Take your credit union marketing efforts to the next level!
If you wish to remain competitive, you need to invest in modern marketing—it’s that simple.
The good news is that smart investments in digital tools can create high-value, high-touch experiences that serve as a unique selling point and set your credit union apart from the big banks for both younger and older members alike.
If you’re interested in incorporating new digital tools into your credit union’s operations, CDP can help. Contact us today to learn more about the easiest way to accelerate your digital transformation journey.
