CU Growth Outlook 2022: Bridging Member Needs and Payments Strategy to Deepen Trust
Summary: Credit unions must adapt quickly to shifting consumer expectations and growing digital competition. Velera partnered with EY and Filene Research Institute to uncover essential insights for credit unions, emphasizing innovative payment strategies and digital solutions to strengthen member relationships and drive sustainable growth.
Today’s financial landscape is rapidly evolving, and credit unions face increasing competition from digitally-savvy Fintech companies and banks. Consumer behaviors have shifted significantly toward digital interactions, reducing traditional branch visits and redefining what members value in their financial institutions.
Velera, in collaboration with EY and Filene Research Institute, conducted comprehensive research revealing how credit unions can respond effectively:
Lifestyle Banking:
Credit unions should move beyond traditional banking products to lifestyle-oriented solutions. By combining demographic data with insights on members' life events and preferences, credit unions can offer personalized experiences that resonate deeply, building trust and loyalty.
Payments as the Core Relationship:
Payment products are now central to everyday financial interactions. Offering advanced digital payment solutions—including contactless cards, mobile wallets, and peer-to-peer (P2P) transactions—is key to capturing active member engagement and becoming their primary financial institution.
Accelerated Digital Capabilities:
With digital engagement becoming the norm, credit unions must invest in seamless digital experiences that meet consumer demands for convenience, integration, and security. Failure to innovate risks losing members to agile digital competitors.
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