How Credit Unions Can Strengthen Their Member Relationships in 2021

While COVID-19 has deeply impacted many credit unions, many more saw an opportunity to work with their members to ensure they had everything they needed to get through the pandemic. The same can’t be said of some of the more popular banks, like Wells Fargo.

After signing the $900-billion pandemic relief package over the weekend, the president authorized a new round of stimulus payments to Americans. 

Some people received their stimulus the same day, yet many more developed anxiety about whether they would get theirs. After all, the intent is to mainly help citizens pay their monthly bills. The slow response time from these major institutions leaves a lot to be desired and maybe a little more for people to think about.

2021 Credit Union Marketing 

With this type of lackluster response, it should be no surprise that, according to S&P Global, “Credit unions are growing at a faster clip than banks, and the nation’s largest, Navy FCU, recently surpassed $100 billion in assets. Credit unions are also increasingly acquiring banks. Both factors are further exacerbating longstanding tensions between the two industries.”

Banks are leaving much to be desired and credit unions are stepping up to fill the void.

It seems this growth trend will continue into 2021. Some of the smarter credit unions have taken it upon themselves to invest in better technology to keep their members’ data secure and make the payment process even easier. That’s why it’s more important than ever to start advertising your business’s worth to potential members while they are looking for better alternatives to the bloat of larger banks.

So what should you touch on?

Convenience, Security, and Personal Touch

For our current credit union partners, we know that security and convenience are the top two concerns for members.

Is my data safe? Can I reliably log in from any device and easily make payments. Strength in these two value props is the foundation for building a successful business in your industry. The question you should be asking in 2021 is, “How can I improve the member experience?”

Let’s face it; your competition dropped the ball. It’s your chance to pick it up. With the right marketing strategy and technology, you can move and start growing your member base from the people seeking a better, more personal experience with their financial institution.

How BillingTree Can Help

We’ve been working with many credit unions to ensure their member’s security and convenience are always top of mind.

We can provide you with the tools needed to market the products we provide, such as online portals, SMS payments, IVR, and MUCH more.

Takeaways

2021 is your chance to grow your market. We encourage you to take advantage of this opportunity by upgrading your technology and increasing your member base with reliable marketing to showcase why you’re the superior choice for the new year.