The need for financial services for businesses is constantly growing. Therefore the market potential for new business for your credit union is as well. Unfortunately, the competition for that market share is growing at an equally strong rate. Credit unions have traditionally provided their business members with a wide range of services at affordable rates and set themselves apart by giving more personalized member service. However, it’s becoming increasingly difficult to compete with the larger institutions in today’s digital world. Here are more ways to future-proof your credit union by focusing on new business members.

Who reads online reviews before making a purchase?  EVERYONE! A picture is no longer worth a thousand words in the realm of online shopping... words of others are worth a thousand words and more. The influence of online reviews and commentary, both positive and negative, has become increasingly critical to a product or brand's success. Reading the experiences of others is now one of the most impactful resources for potential customers. In fact, a recent study indicated that 90% of consumers consult online reviews before transacting with a business. During Amazon Prime Days earlier this month, for example, Amazon sold over 175 million items in two days. Each item has its own star rating review and some are labeled as a Prime recommended product... a bonus for that particular company, who no doubt saw a boost in sales due to that recommendation. A review can hold the power to make or break a business relationship in any industry where the consumer has a choice to make, credit unions included.

We have the best intentions when it comes to a healthy lifestyle and weight management. We set goals, we track food, we craft an exercise regime. But after a few days, it is easy to fall back in our old ways. Credit union executives, also, have the best intentions when it comes to financial wellness education: Create well-written content, with useful tips and tricks, write an email campaign full of interesting statistics, or plan events and webinars to pass along all the important information when it comes to personal financial management. Unfortunately, even the best planned initiatives are often overlooked or poorly attended. How can you keep your members on the right path for financial wellness?

The month of July is here and with it brings the mid-summer shopping frenzy. Credit cards get a work-out as consumers join the melee of sales, deals and offers too good to resist. The traditional Christmas in July sales offer consumers great deals on big ticket items like cars, laptops and electronics, among other in-store and online deals. Those sales are further boosted by vacation and travel spending (gas, hotels, car rentals, airline, and amusement park tickets) and the eventual back-to-school shopping. Adding to this mix for the last 5 years is a new consumer shopping phenomenon - Amazon Prime Days.

Credit unions have long been known for their member service... just part of The Credit Union Difference. They are sought out for this reason, with members desiring more than just a place to deposit their money. They may join initially because of an affiliation or a community connection but stay because of the service provided and relationships they establish. And while member services in-branch are still important in maintaining that connection, members also desire and expect to have modern digital banking conveniences available for quick transactions and financial flexibility.

Credit unions who utilize core technology that offers open architecture no doubt did their research and entered into a core provider partnership with their credit union's future in mind. In doing so, they set themselves up to offer members current fintech as soon as it becomes available. Using API (Application Program interface) technology, new third-party applications can easily interact with any credit union app to provide additional services, features and added conveniences. While inviting third-party technology to work and interact with your digital banking technology is a simple and expedient solution to boost your member offerings, is it safe? Is it smart to let them have access to your member’s accounts?

Mobile banking has revolutionized the traditional banking scene as we once knew it. Having access to your money and account information as fast as you can think of it has become normal. Did my check clear? What’s my account balance? Let me check! But what about that home-town comfortable feel you used to get from visiting your favorite member service representative at your branch? The one who handed your kid a lollipop and asked how your mom was? Are those days gone?

At the mid-point of 2019, Summer is here and vacations have started. If you manage to sneak away from your role as a  credit union leader, perhaps sipping your lemonade poolside, you may start to reflect on where you stand with some of the goals you set in your strategic plan for 2019. How much progress have you made toward achieving those FinTech goals you set for your credit union? Are they still relevant? Do they need modifying or to be re-prioritized? Start by reviewing just what those initial goals were and your vision for your credit union for 2019. Your technology goals are unique to your particular credit union and the areas you’d like to improve upon. No matter where you are in your digital FinTech development, whether just starting to offer mobile capabilities or looking to implement the latest cutting edge technology, here are some things to consider as you work towards those goals: