The United States is home to over 4,000 credit unions that serve nearly 138 million members and handle $2.22 trillion in assets.
Credit unions play a significant role in helping individuals and businesses manage their money — and keeping up with the latest trends will help you ensure you’re providing the highest level of service to your customers.
Read on to discover five exciting trends for credit unions to watch in the coming season.
1. Personalization Is a Top Priority
These days, personalization is critical to the majority of consumers, including members of banks and credit unions. For example, one study revealed that 69 percent of consumers said they appreciate personalization as long as it’s based on data they explicitly chose to share with a business.
Say you find ways to leverage members’ data (specifically, data they’ve agreed to share) to provide them with a better experience — for example, making the tools they frequently use readily available on their member dashboard. In that case, they’ll likely appreciate your efforts and choose to continue working with you long-term.
2. Enhanced Mobile Apps
Another way to provide members with a superior experience is to provide them with an enhanced mobile app. It’s true that many banks and credit unions have apps already. However, not all of them are easy to navigate or provide the kinds of features and tools members are looking for — that will need to change for credit unions that want to remain competitive.
The average credit union member wants their transaction process — whether they’re transferring money from their checking account to a savings account or making their most recent mortgage payment — to be as efficient and simple as possible. Providing a well-designed, user-friendly app can help you make that happen and stand out from other institutions.
3. Increase in All-Digital Transactions
Recent FDIC data shows that just 4.1 percent of members aged 15-24, 4.8 percent of members aged 25-34, and 6.3 percent of members aged 35-44 use in-person banking services.
These people value the convenience of digital banking and want to do as much online as possible. If they can do everything online or through an app, that’s even better.
In the not-so-distant future, many banks and credit unions will start providing members with the option to open accounts, take out loans, and execute other tasks entirely virtually. Not only will this make it easier than ever for people to engage with the institution, but it will also incentivize them to remain loyal to that organization.
4. Superior Security Measures
With the increase in the availability of mobile and online banking solutions, there has also come an increase in security concerns. These concerns are understandable, especially considering the fact that 96 percent of consumers say they prioritize the security of their accounts and funds above all else, and 93 percent value their personal information staying private.
Credit unions and banks will start taking greater steps to protect customers’ data and mitigate security concerns. Some examples of new developments that will soon become the standard include biometric technologies like facial recognition and even iris scanning in place of passwords and PINs.
5. Collaboration Is Key
Credit unions that want to retain members, attract new ones, and remain relevant in the future should focus on collaborating with fintech businesses instead of competing. In the coming months and years, these organizations will be working together more frequently.
By teaming up with fintech companies, credit unions will have an easier time enhancing their services, providing superior solutions to members, increasing security, and more. Fintechs will also benefit because they get to work with the credit union’s customer base and connect with a larger, already engaged audience.
Need Help Keeping Up with the Latest Trends for Credit Unions?
From an increased emphasis on personalization to collaboration with fintech companies and other organizations, there are plenty of trends to keep up with in the 2024 and beyond.
If you want to keep up with the latest trends for credit unions, start by following relevant sites. Like Fintech Content!