Credit Risk

Make Your Credit Union the Consumer Favorite

Make Your Credit Union the Consumer Favorite

December 17, 2019 | Nikole Thompson

Digital Disruption Shifts Expectations

Become Your Members Favorite Financial Institution

Credit unions are having to change how they interact with their members. Due to rapidly evolving technology, consumers have become accustomed to getting what they want, when they want it. As a result, there's a widening gap between financial institutions' perception of customer needs versus customers' actual needs.

A recent study conducted by Forrester Consulting on behalf of Equifax¹ took a deep dive on this issue. It found that consumers think financial institutions have certain strengths:

  • 80% make it easy for me to move money between accounts
  • 78% help me complete tasks as quickly as possible
  • 79% offer an easy to use website that includes the features/services I want

However, they say financial institutions are not doing well in other areas:

  • 50% give me advice about how to better manage my money
  • 51% only sell/promote products to me that are relevant to my banking needs
  • 62% make it clear when I will be charged a fee for something

Stand Out From the Financial Pack

The study also found that 42% of respondents still like to have one primary relationship with a single financial institution. Make sure your credit union is the consumer favorite by improving the consumer experience and engagement. Here are five things you can do to attract new members, while keeping your current members satisfied.

  1. Don’t Focus on ‘One-Stop-Shop’

    Instead, focus on one or two key areas and tailor marketing and targeting efforts to attract consumers looking for your solution.
  2. Find Your Purpose

    Identify the role your individual brand can play within different markets, segments and ecosystems.
  3. Mobile First

    The mobile app is often the first thing members interact with when performing simple daily activities like checking account balances, transferring money or depositing a check. So provide a more unique, personalized experience by incorporating intelligent search, financial health charts and help features.
  4. Use Data to Design Insight-Driven Experiences

    Tailor your cross selling and upselling to each member’s individual banking behaviors. Specifically, use account transaction history and mobile activity tracking to provide a tailored experience.
  5. Build Your Action Plan for Nurturing and Rewarding Loyalty

    Loyalty and rewards innovation tops members’ list of innovation priorities2. An easy to follow point system or gamification can provide an enjoyable way to interact with your brand.
In conclusion, as banking and credit union providers become more aware of what consumers really want from them, they must change how they operate to become more relevant in members’ lives. This means providing the right message, to the right member, at the right time. Learn more by reading our related article, 3 Ways Credit Unions Can Meet Member Expectations.
Equifax offers a full range of solutions designed specifically for the unique challenges that face credit unions. By blending industry-leading consumer data and analytics, we can help you accelerate member interaction, refine marketing strategies to find new members and grow your existing relationships. Learn more by downloading our brochure, "Solutions for Credit Unions". Contact us today for more information.


1 Source: A commissioned study conducted by Forrester Consulting on behalf of Equifax, January 2019

2 PYMNTS, The Credit Union Loyalty Disconnect, July 23, 2019


Nikole Thompson

Nikole Thompson

Portfolio Marketing, Mortgage & Housing

Nikole Thompson is a Portfolio Marketer for Mortgage & Housing at Equifax. She has spent her career in the Financial Services Industry, with background in Banking and Lending, and Alternative Credit Data gaining expertise in digital marketing, alternative data, and fintech. While marketing is her primary job function b[...]