In a January 2019 report, the Credit Union National Association found that more than 118 million Americans currently use about 5,700 credit unions across the country.
Even with this growth, credit unions struggle to compete with bigger banks, as these financial institutions tend to offer much more robust digital banking solutions—a necessity for meeting customer expectations for convenience.
Topics: Credit Unions, CRM Marketing
If you’re part of a community bank or credit union, you know your competitors are increasing by the day. From large, national financial institutions to tech giants like Google and Amazon to digital-only banks, everyone is fighting for your customers.
One thing all of these opponents have in common is tremendous access to robust technology, something that is lacking in smaller scale banking. According to the 2019 Digital Banking Report, 30% of banks stated that access to technology/tools was the top obstacle preventing them from advancing their digital transformation journey.
Now is the time for community banks and credit unions to step up their tech capabilities so they can not only remain viable options for customers, but come out on top in the digital banking battle. No matter the size of your institution, you’ve got to make the most of your technology investment.
Topics: CRM, CRM Marketing
