How credit unions can please members and displease competitors
In 2020, there were fewer credit unions but more credit unions members.
Today’s consumers like to vote with their wallets, and they appreciate the altruistic mission and community roots that distinguish a credit unions from the typical bank.
Credit unions have a history of understanding what their members want and delivering it, even when their larger competitors have shied away from trying something new.
So while growth is strong, so is competition. And given their restrictions on membership, Credit unions have a limited pool of potential members. To survive and thrive, Credit unions need to double-down on their commitment to innovation and agility while continuing to pay close attention to changing member expectations.