As a credit union, it's imperative that you offer merchant card services to local small businesses. Why? Because credit card payment processing is at the very core of small-scale companies, and of course, one of your credit union's goals should be to help them prosper.

We get it—acquiring new members is vital to the growth of your credit union and virtually any other business. While the importance of new member acquisition is never in question, the cost of these ventures can be exceedingly high. According to a study by market analyst firm Vetter, a credit union's new member acquisition cost (MAC) sits comfortably somewhere between $400 and $700. This is a figure that has been climbing since COVID-19 due to the supersaturation of digital channels.

Credit unions encounter a variety of obstacles within the competitive financial landscape of today. As a result, CUs must remain one step ahead of their competition by consistently increasing their membership all while adapting to ever-changing expectations from diverse demographics. In order to contend for their territory in the financial sphere, they must implement intelligent marketing and cross-selling strategies that will appeal to their target audience, especially within the upcoming generation (Gen Z). Here are the latest trends on how to effectively market your products and services that will result in a thriving CU.

It's safe to say that the financial landscape has changed substantially over the past decade, requiring better performance for credit unions, from improving member onboarding to embracing digital transformation. Nowadays, it's imperative that CUs engage with their members on a more personal level and present themselves as a one-stop-shop for financial assistance. With this challenge comes a new emphasis on the process of cross-selling, which ultimately helps to acquire a higher level of member loyalty. Here are some valuable insights on what it takes to effectively cross-sell and foster better long-term relationships with your members.

The financial sphere is a competitive space for attracting consumers and maintaining a steady influx of revenue. However, the process of cross-selling is a practical way to advance your credit union and offer the best, most personalized services to your members. Cross-selling is a sales technique that is truly one of the most profitable ways to retain credit union members and grow your credit union.

Successful member onboarding is among the most practical ways to boost credit union growth and must include timely and well-informed decisions. Effective onboarding can significantly benefit credit unions that seek to increase member engagement, cross-sell their services, build brand awareness and trust, and improve retention. Cross-selling and marketing also play crucial roles for CUs, each providing prime opportunities for both members and credit unions. Today, it's possible to onboard, cross-sell, and market simultaneously in a one-stop-shop marketing automation platform designed to fulfill member needs.

Digital and mobile banking have become an in-demand reality for virtually every demographic. According to the Digital Banking Survey in March 2021, survey respondents report they will continue to prefer the convenience of digital channels for transactional, simple activities, such as depositing checks, transferring funds, and paying bills. And this sentiment has huge implications for credit unions because it underscores that digital payment solutions are here to stay. Even so, there are several common myths that may hinder credit unions from fully embracing digitization. Let's take a closer look at some of the more popular myths to uncover the truth.

Today's credit unions face a unique set of challenges as member growth has consistently declined since 2018. To further compound this problem, the average credit union member age in the U.S. is 53, which means they are or have already exited their prime borrowing years. Together, these two statistics underscore the importance of attracting younger members.

Credit union loan balances are growing steadily, increasing from 5.3% in 2020. Experts predict loans to escalate 9% each year in 2022 and 2023 after the economy returns to normal, infrastructure expenditure begins, and unemployment levels decrease. As loan balances continue to rise, credit unions are searching for strategies to increase direct lending that will boost profits and set the stage for cross-sales.

With all the talk of Millennials, it's easy for credit unions to lose focus on Generation X and Baby Boomers. Yet, doing so would be at your own peril. Even though Millennials are the largest generation in history, Boomers still hold the keys to the kingdom—where cash is king. According to the Federal Reserve, they have a reported average net worth of $1,066,000 and a median net worth of $224,000.