As the baby boomers are growing older, so grows the need to provide healthcare for this aging population.The number of US healthcare jobs recently surpassed those in manufacturing and retail for the first time in history. According to the Bureau of Labor and Statistics, 5 of the top 10 fastest growing jobs are in healthcare related fields, with employment rates projected to grow as much as 18 percent from 2016 to 2026. This is much faster than the average for all occupations, adding about 2.3 million new jobs in that time frame.
Contributing to this industry's surge in growth is the aging, but still very much active, workforce. By 2025 a quarter of the workforce will be older than 55 — a number that will have doubled over 30 years. With retirement ages pushing back, and couples waiting to start families later, it seems the idea of taking early retirement is for the few and far between. Instead, people are having to plan for life events that occur after 55, impacting their financial planning and requiring them to work later into life, during what would have been considered at one time, their retirement years.
While this population trend can be traced back to many causes, the results are still the same. People are living longer, working later in life and needing more healthcare. If you are a credit union with its member base in the health care industry, you better start preparing for the influx of health care professionals that need financial services. It's time to hone your marketing skills and develop a healthy marketing strategy that appeals to as many members as possible before they are snatched up by another financial institution.
One thing you have going for yourself is the fact that you are a credit union, with a unique affinity attached to your name. While your credit union's health care affiliation alone will put you at the top of their list of choices, it's up to you to further set yourself apart from the rest by showcasing what makes you unique.
Consider this: Health care professionals often have non-traditional hours, and they may find themselves trying to check their balance at 3 a.m. in a hospital break room. Build into your marketing strategy all the conveniences you offer, such as the agility of your mobile banking apps, remote deposit capture, eSignatures, and instant balance information. Market your bill pay capabilities, and how they can be automated, which can be helpful especially when their work schedules change at a moment's notice. Highlight your ability to offer fraud alerts instantly and temporarily freeze their accounts, providing them some control in an uncertain situation, when they likely can't step away to fully investigate. Additionally, you might also let them know you provide 24-7 member service, the ability to check their credit card, and assistance in building a budget in order to save for that long-awaited, and deserved, vacation.
The ability to offer all of these member services will ensure you are at the top of their list and ultimately become their number one choice and primary financial institution. Knowing they can easily manage their finances will give them peace of mind and allow them to focus on their important job of caring for their patients.
Make yourself as marketable as possible by having the right credit union software in place. Choose a core technology provider who allows for easy 3rd party integration and provides conveniences like remote deposits, mobile lending, remote controls for cards and management of eStatements through mobile apps.
