Just when you thought business couldn’t get tougher—most credit unions now are wrestling with collapsing loan revenues as interest rates continue to tumble. And yet, more non-bank competitors enter the fray.
Digital transformation was a buzzword and a growing trend in 2019. In 2021, it’s necessary for survival. And while we may be tempted to say, “what a difference a year makes,” even 2020 can’t be blamed entirely for the massive shift in consumer behavior that had already taken root.
At this point, the majority of your members currently use their mobile devices to complete financial transactions. The vast majority of younger consumers use mobile payments.
For a long time, this trend was convenience driven. Then, it was an operational imperative. Now, it’s expected. Here’s what that means for credit unions (and what should be on your radar). Continue reading “Mobile Payments and 2021: 4 Things to Consider”
CU 2.0 is changing up its Mastermind session for the month of December. After all, you probably already have enough to worry about during the holidays!
But that presents an opportunity for all of us to break from our groups and come together as a whole. On December 9th, join us for a ½-day showcase event where we’ll cover a variety of credit union topics from multiple angles. It will be creative, informative, fast-paced, and fun.
You can also look forward to breakout sessions on high-level topics, such as:
- So, you want to be a CEO…
- AI, data analytics, and how to leverage the cloud to improve members’ lives
- Breaking the CU complacency
- Creating and leveraging advisory boards to achieve your BHAGs
- Digital transformation
- Developing and using a fintech service bus
If you’re interested in attending this incredible event, all we ask is that you RSVP:
This blog has been updated for 2020. New member acquisition costs and average attrition rates have changed some of the math involved, but the end result is largely the same.
Is your credit union looking for new member growth? Are Millennials and Gen Z key to your long-term viability? If you are like most credit unions, then this article will help you keep new members and build loyalty for life while demonstrating the tangible difference between a bank and a credit union.
We all know, it is far less expensive to keep a member you already have than to get a new one. We’re so focused on membership growth, yet we don’t even know if we’re attracting the right member… or if they’ll stick around!
Social distancing has been easy for only a few of us. For most, it’s been… difficult. Many of the CU 2.0 team have replaced a social life and recreational activities with work. It’s stressful, but we all cope how we can.