The coronavirus pandemic has transformed how we conduct business all over the world and few sectors of the economy have been influenced as much as the financial industry. As people look for ways to avoid having in-person experiences, many are turning to digital wallets and other online banking solutions. Although the pandemic won’t last forever, it’s likely that this trend towards technological solutions in banking will continue. 

Credit card programs can be a smart way to grow your credit union, assuming your membership does one important thing: pay. There are many ways your members can make their credit card payments, some methods are more cumbersome and time-consuming than others. Eliminating hurdles to payment is an easy way to ensure your members don't get turned off by the process and pay on time. Here are some popular payment options offered by credit unions.

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.

Numerous studies have been conducted and articles written about how to effectively market to Millennials and with good reason. Millennials are quickly coming of age to where they have extreme buying power and there are a lot of them. They are in fact the largest generation segment in the United States. We have discussed in the past how mobile banking, mobile lending and internet banking are some of the key product development efforts to gain this generation's membership (See our article Do Millenials Pay their Bills? The Case for Mobile and Internet Banking Integration). An article by CU Management furthers the discussion on how to market your credit union's emerging core technology products and services to potential Gen Y and Gen X members:

As our everyday lives become increasingly dependent on smartphones, we have to ask ourselves, "Is there any value in desktop banking being part of your strategic product development planning?" The answer isn't easy. Here we address some key issues surrounding mobile versus desktop in relation to credit union internet banking. 

One in 23 people suffer from phobias of one type or another. Arachnophobia, the fear of spiders, is the most common, with 48% of women and 12% of men fearing the 8 legged, sometimes venomous creature.¹ But for those members who suffer from Technophobia, or the fear of technology, adopting your online bill pay could be a real problem to the success of your internet banking strategy. Here are some ideas to soothe the anxieties that online bill pay and mobile bill pay may cause some of your worrisome members:

We’ve used this platform several times to focus on mobile banking this past year. And it was for good measure. Let’s break down some stats so you can be confident that your mobile strategy is right for 2016.

From 2014 to 2015, there was a 25% growth rate of financial institutions with consumer mobile banking apps. Thanks to CUTimes for the infographic we shared, we can give you some information to take into your next planning meeting.

New stats indicate that millennials will drive the future of the mobile wallet.  They are the up and coming group considered "mobile disruptors" that are reshaping the thought process of the payments industry. As wearables and mobile wallets pick up momentum with the younger audience, it's important for credit unions to understand behavioral trends not only for payments, but also for money transfers within mobile banking.

No matter what your major was in college, you no doubt had to learn the "Technology Adoption Lifecycle."  Perhaps it was taught in the context of history and the industrial revolution's impact on agriculture. Or, more likely, you remember it within the teaching of your economics or business programs as a way to characterize companies' cultures when it comes to embracing technological advancement, and the resulting adoption of that technology by the market.

Earlier this month, CUInsight shared an article that discusses credit union's marketing to millennials that caught our attention.  We have discussed in the past how mobile banking, mobile lending products and internet banking are some of the key product development efforts to gain this generation's membership (See our article Do Millenials Pay their Bills? The Case for Mobile and Internet Banking Integration). This article by CU Management furthers the discussion on how to market your credit union's emerging core technology products and services to potential Gen Y and Gen X members: