On today’s show, Mac Thompson, CEO and founder of White Clay.
A company focused on helping financial institution use data to build better, more profitable member and customer relationships, and he comes bearing a bitter pill for CU execs to swallow.
According to a recent Harris Poll sponsored by White Clay, “Roughly two-thirds of FI users (68%) do not feel truly known by their primary financial institution, with almost a third (31%) feeling like just another account number..”
Surely credit unions, which pride themselves on their member relationships, do better?
Yes but hold your self congratulations. The number for credit unions is 63%, said Thompson in the show.
It gets worse: 41% of members say they would switch FIs if another institution offered more personalized financial guidance.
But Thompson also has good news: institutions can harness data, data they often already have on hand, to enrich their personal relations with members. He discusses this in detail.
