Strategic Ways Credit Unions Can Tap into New Credit Card Users

By Preston Packer |

Sep

29

Today, credit union members and consumers have more ways than ever to pay for goods and services, including Buy Now Pay Later, automated clearing houses, mobile wallets, and peer-to-peer payments. At the same time, payment methods are getting smarter.

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Analytics: The Key to Lending Speed For Credit Unions

By Preston Packer |

Aug

03

Within the last few years, we've seen many financial institutions rely heavily on traditional data as they've been making various credit decisions. Recent tumultuous times have also caused businesses and consumers to lose valuable revenue. Meanwhile, existing data models that were originally intended for periodic declines (instead of a complete economic standstill) have proven not to be as relevant or foretelling. These dramatic changes in both credit and consumer behavior have caused lenders to seek new data and earlier warning signs. This is where analytics come in.

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Merchant Services Can Help Credit Unions Minimize Dwindling Deposits

By Preston Packer |

May

12

As a credit union, providing your community's small businesses with the deposit and lending products they need is imperative to all you do. But are you currently meeting their merchant services needs? It's a fair estimate that credit card processing is a vital cornerstone for most businesses. And if you're not offering your members merchant services, you're missing out on a huge opportunity to deepen the relationship and increase your credit union's wallet share.

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2022 Is The Year to Get Smarter with Credit Union Cross-Selling

By Preston Packer |

Apr

28

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.

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Cross-Selling for Credit Unions: Art or Science?

By Preston Packer |

Apr

20

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.

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Getting New Members On Board With a World-Class Onboarding Experience

By Preston Packer |

Apr

14

New members have high expectations from your credit union. In addition to the long-standing persona of excellent service, members are conditioned for faster, more frictionless experiences. And your ability to deliver begins with onboarding. Let's take a closer look at a few best-in-class ways credit unions can exceed the expectations of new members when it comes to onboarding.

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Onboard, Cross-Sell, & Market With an All-In-One Automation Platform

By Preston Packer |

Apr

06

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.

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Grow Your Credit Union From the Inside Out: Member Retention Strategies

By Preston Packer |

Feb

15

Similar to money, it's not how many members your credit union can gain—it's how many you can keep. While member retention is paramount, it's not sufficient to simply retain members. Instead, your credit union must deepen the relationship by providing timely, personalized solutions throughout their life and across life stages. In most instances, your credit union will need to preemptively know and alert members of their needs before they do. Let's take a closer look at how credit unions can accomplish that.

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How to Improve Your Credit Union Member Onboarding Process

By Preston Packer |

Dec

21

As a credit union (CU), you want to offer your members the highest level of financial services, including seamless onboarding. Although you might already have an efficient digital banking system, it won't matter unless you attract and retain new members. To help your CU, let's explore several ways your credit union can go from average to excellent in onboarding and member growth in 2022.

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3 Lessons Credit Unions Can Use to Drive Member Growth in 2022

By Preston Packer |

Dec

07

With the emergence of financial services industry disrupters — FinTechs— the battle for the hearts, minds, and wallets of credit union members is fiercer than ever. Unlike these firms, however, your credit union's core value statement isn't necessarily centered around trendy technology. But you can leverage state-of-the-art solutions to drive membership growth, and do so in a way aligned with your core value proposition. Here are three ways you can do just that in 2022.

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