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.

In a period of significant global economic instability, the financial services sector is going through a significant period of disruption. This has been especially challenging for credit unions, who need to leverage a variety of methods to keep cash flow as stable as possible. Thankfully, there are ways to use this newfound disruption to optimize revenue streams moving forward. They require organizational leaders to keep a few key things in mind.

A lot has changed for credit unions within the past two years. Many have evolved their delivery models to support more digital, remote communications while still aspiring to offer a special, personal member experience. However, achieving this level of digital prowess takes a strategy that can quickly and easily adjust to uphold specific undertakings, like paycheck protection, skip-a-pay programs, and contactless transactions. Members still require personal connection even while online and those who aren't already acclimated to digital channels need more education, connection, and security understanding to get comfortable. So, what else has changed in the credit union world, and what does the future hold?

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.

When it comes to banking and financial products, the average consumer has no shortage of options. From large national and community banks to credit unions (CUs) and emerging fintech firms, everyone is vying for the attention and dollars of your current members.

It's simple: Those who fail to plan are planning to fail. While this may not be a surprise or foreign concept, not all planning is created equal. As you begin entering strategic planning for the upcoming year, here are three key goals that should be on your credit union's roadmap.

The National Credit Union Administration (NCUA) consistently provides guidance and resources to help credit unions better serve their communities. With funding from Congress, they have been able to fund the Community Development Revolving Loan Fund (CDRLF) for many years,  enabling CUs in rural and underserved communities to continue providing basic financial services to their members with the hopes of bolstering their local economies through loans and technical assistance grants. While the 2021 funding of the program was put at risk in 2020, the program managed to stay alive and is again accepting applicants.

Maintaining personal relationships with members has always been pivotal to the success of credit unions. After all, credit unions were founded on the tenets of cooperation, and they encourage participation from all members of the community regardless of race, gender, or financial situations. But when the pandemic closed the doors to branches in March of 2020, and CUs were forced to make their services digital almost overnight, providing the same type of personal attention they were used to posed a challenge.

First impressions are important. They stick with you. You base all future interactions in contrast to that first one. It's said that a first impression is based 93% on what we experience and only 7% on the actual words we hear, so that experience is critical. After you sign on a new member, your courtship isn't over. Member onboarding is part of that first impression. It's not just about your marketing to sell them on your products. It's an opportunity to set expectations, to educate on how to use the tools you've provided them to manage their accounts, find the information they need, apply for loans, etc. This is your opportunity to prove that they've made the right choice by choosing your credit union. Both your intentional and unintentional efforts will be folded into this impression, so developing, and executing, a thorough onboarding strategy is a smart play.

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.