While credit union membership has begun to bounce back after serious declines during the height of the COVID-19 pandemic, the number of active credit unions has gotten smaller. Surviving amidst the backdrop of ever-consolidating big banks with seemingly endless reserves of technology and development capital is not getting any easier. However, there are several marketing tactics you can employ to foster membership growth and user satisfaction.
6 Credit Union Marketing Trends for 2024
In some cases, credit unions should take a look at what the big banks are doing marketing-wise and try to replicate it as best they can. Other times, it would be helpful to highlight what makes you different—better, even—from those financial institutions with glimmering Charlotte and New York skyscrapers.
1. Artificial intelligence(AI): how are you using it?
It’s fair to say that we’ve reached the tipping point on AI: you’re either using it for your business or falling behind. The extent to which your credit union utilizes this modern tool may depend on budget and time constraints, but remember: one major goal of AI is to free up more human time.
Many financial institutions are using AI to interpret data and provide personalized user experiences. AI is also useful in beefing up customer service efforts through chatbots. Consumers are becoming more accepting of automated customer service options, and that trend is more pronounced in younger generations.
2. Post short informational videos on social media.
We doubt you’ll need datasets and exhaustive research studies to be convinced that our attention spans are getting shorter. Shorter attention spans, however, don’t mean that we don’t crave information. How easy is it to get on social media and scroll…and scroll…and scroll until it’s way past your bedtime?
Short, snappy videos are now staples of many successful companies’ marketing strategies. If you’re looking to produce this type of content, focus on digestible information about services consumers can access at your credit union. Partnering with influencers or local celebrities can enhance the impact of this content. Take a look at Facebook Reels, YouTube Shorts, and TikTok for inspiration.
3. Make the consumer the hero.
You can talk about your low interest rates, how much you care about your customers, and all the other features users get when they start doing business with you. If you don’t connect these benefits to benefits that make users feel like the hero, there’s a chance your marketing efforts could fall flat. Make consumers feel like they’re solving a problem—with your help—and you’re on the right track.
4. Emphasize corporate responsibility.
Younger generations are placing a greater emphasis on corporate social responsibility. These consumers are more likely to do business with companies they perceive as doing good in the world. Climate change and racial justice are two topics that get people’s attention.
Credit unions are much more likely to have strong ties in their home communities. Use this to your advantage by partnering with local charities and nonprofits. Be sure to document charity drives for social media content.
5. Optimize content for conversational queries.
Google reports that one in five searches are voice-originated. This changes the way you should structure content on your website and other online spaces. Instead of optimizing for, say, “credit unions near xyz,” you might want to start optimizing for longer phrases, such as “credit unions within a 15-minute drive from xyz.” Conversational phrases may yield better positions on SERPs (search engine results pages).
6. Make it easy to sign documents from afar.
Modern consumers crave convenience and accessibility. There are few things they’d rather do than go to a physical location and sign a bunch of papers. They’ll do that for important transactions, but don’t be surprised if they start looking for other places to park their money.
Speaking of document signing, think about implementing e-sign options for your credit union. Our eTeller solution can help take tasks off your employees’ plates so they can optimize in-person experiences at branches. Make sure potential users know about your virtual services.
The Future of Marketing for Credit Unions
Smart marketing can level the playing field between huge corporations and everyone else. Being a member of a credit union has many advantages, and you shouldn’t be shy about telling everyone about each one of them. Translating the advantages of credit unions into better user experiences will help give your firm plenty of positive marketing content.
Optimize User Experiences with CDP’s Help
CDP’s goal is to help businesses and public institutions find software solutions that help them grow. We believe growth can be achieved by reducing cumbersome, outdated processes.
From virtual document and data storage to convenient customer experiences, we would be happy to help you modernize your operations in any way possible. Let’s set aside time for a brief conversation sometime soon.
