We had a great discussion about elevating the Credit Union member experience. Our panel of banking industry experts included:
- John Sahagian, Chief Data Officer from Baxter Credit Union
- Chad Hassler, Manager of Digital Experience from Corning Credit Union
- Desiree Wolfe, Banking Industry Advisor from Salesforce
In case you missed it, we learned what innovative Credit Unions are doing to thrive and focus on delivering financial wellness to their members. BCU and CCU shared their journey navigating:
- Shifting branch strategies
- Evolving consumer behavior
- Competitive threats facing CU system
- Delivering financial wellness through scalable technology
- Measuring member growth and satisfaction
The banking industry is seeing economic trends primarily driven by an +8.5% CPI in Q1’22 year-over-year increase. The 10-year Treasury yield reached 2.9% and we’re seeing an average loan to share ratio of 70.2%.
Credit union branches are also shifting. 61% of CU executives view branches as necessary but less important, according to Financial Brand. Additionally, 89% of banking executives say fintech partnerships are key to strategy (Cornerstone 2022).
Member behavior continues to evolve. 20% of the US population will hold accounts at non-banks by 2025, according to American Banker. Also, 2.5% decline in CU member satisfaction for the 2nd year, with a satisfaction score that is lower than banks (ACSI 2019-2020 Report).
Lastly, KPMG reports that 29% of consumers trust their bank for financial wellness. Couple with 88% of consumers said banks should have seamless communications & interactions across all channels, according to State of the Connected Customer & State of Marketing, Salesforce Research.