Report
3min read
The competitive landscape for credit unions in the US is changing. With 33% of larger regional banks seeing community financial institutions as a threat (Jack Henry, 2024), the time to capitalise on your competitive advantage is now.
But how can you do that in a time of rising operating expenses and increasing member expectations, when 46% of credit unions report a lack of expertise to deploy new technological capabilities effectively (BDO, 2024).
It’s not as difficult or as resource-intensive as you may think.
46%
of credit unions report a lack of expertise to deploy new technological capabilities effectively
21% of respondents have even admitted losing sleep over their finances at least once a week (Serve + Protect, 2024).
These stats emphasise a widespread need for credit unions to promote and stimulate financial understanding, stability and freedom across their member base.
75%
As of July 2024, an estimated 75% of Americans are struggling with their financial health
With stretched resources or, perhaps, limited technical expertise, credit unions can really benefit from no-code solutions that provide the means to identify and act on member insights – with little to no technical expertise required.
Making the right offer at the right time can improve engagement but, more importantly, receptivity to your product offerings which can lead to a 9.58% increase in loan market share (Bud Research, 2024).
Effective financial wellness solutions help your members feel personally supported.
62%
of customers say they would switch their financial institution if they felt treated like a number, not a person
Combining advanced transaction enrichment and market-leading categorisation with our suite of personalisation solutions and data analytics capabilities, we help credit unions make the most of the data they already hold.
42%
of surveyed marketers report the top challenge around using data for customer engagement to be working with internal data scientists/business intelligence teams who don’t understand marketing priorities
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