In the past 22 months, Credit unions are being challenged with evolving regulatory changes, more robust disaster planning, and widespread staffing shortages. With views on lending slowly returning to ‘normal’, it is the right time for Credit unions to identify the Credit Union trends 2022, so that CU CEO’s can focus while implementing post pandemic recovery plans.
Credit Union trends in a post pandemic world.
1. Digital transformation for customer satisfaction: Digital transformation for credit unions is gaining momentum, spurred by changing member expectations and the need to reduce operating costs. AI can be a one-stop shop for Credit Unions, providing solutions ranging from consumer insights to fast credit report analysis.
2. Advanced personalization for membership growth: FinTechs have transformed the financial services landscape. And for credit unions to thrive in this environment, must capture the needs of existing member by enabling the proactive delivery of more tailored financial advice and more narrowly targeted product and service recommendations for members
3. Outsourcing will keep gaining momentum : Outsourcing can enable credit unions to increase efficiencies, streamline processes and enhance the member experience. However, it’s critical to ensure that the outsourcing provider is a true partner and that their technology and product portfolio strategy, vision and goals align with the credit union’s.
Are you ready to think about your credit union in a new way? We’d love to chat about the trends you’re seeing. Let us know, what CUs are saying about post-COVID-19 business growth and strategies.
