Credit unions are experiencing steady growth. Since 2013, credit unions overall saw 5-year CAGR in total assets (+6.2%), total loans (+9.1%), and number of members (+2.7%).
Yet, the number of credit unions continues to decline, down from 6,680 in 2013 to 5,812 midway through 2017. To remain competitive in today’s market, credit unions must remain focused on member-centric strategies to compete and grow.
To help credit unions assess member trends and design customer-centric approaches to growth, CFI Group conducts our annual Credit Union Satisfaction Index (CUSI) survey of current credit union members.
According to the report, the traditional value proposition around rates is changing, with members growing discouraged by low deposit interest rates. But instead of just adjusting account rates and fees to acquire more member business, credit unions should more actively pursue innovation with new products and services that meet the quickly-changing member expectations.
These changes in member experience have two implications for how credit unions can pursue product and service innovation.
1. Innovate to Connect Externally.
Members are increasingly using mobile devices to use and manage money. Consequently, there are a myriad of new apps designed to make money management easier (e.g., Mint, YNAB, Acorns, Upstart, or Robinhood). Credit unions should ensure not only that members can easily connect their accounts to these new services, but also that they can actively engage with external ecosystems.
2. Innovate to Remain Primary.
As members proceed to connect to a web of financial tools and touchpoints, they increasingly need a central point of administration to actively manage these financial connections. Credit unions must continue to develop simple account management tools that allow members to manage their network of financial connections easily and securely.
Download the full report for more information.
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- July 7, 2020