It’s 2012 – Are You Ready?
For credit unions, 2012 could be the biggest year of opportunity in history.
Membership: With more consumers expected to move away from big banks in 2012, the credit union philosophy of “people helping people” has never been an easier sell. The credit union difference of higher savings rates, lower loan rates and fewer fees will lead the way to increased market share. Financial education and marketing solutions for all age segments will be important, but absolutely essential for attracting Gen Y in the upcoming membership boom.
Loans: Greater loan opportunities from new market segments and increased refinancing demand for better priced home equity loans, mortgages and auto loans will help credit unions grow their loan portfolios in 2012. For credit cards, the NCUA’s cap on APRs of 18% should be another highly advertised reason for credit unions to capture more share of wallet from bank customers.
Technology: Online delivery demand will continue to increase. Functionality of website design and transactional technology working together is vital. More smartphone use will increase the demand for better mobile banking apps and performance. Interaction with members via technology and inclusion to the credit union community using social media will continue in importance.
Branches: No matter what new technology is introduced to make life easier, nothing beats brick and mortar in developing lasting relationships. With very low commercial real estate prices, now is the time to purchase retail locations from a surplus of vacancies to increase market visibility, improve convenience and widen the service footprint. 2012 is also a good year for credit unions to renovate old branch locations and strengthen their brand images. The expected influx of new members to the credit union industry will choose where they move their money based in part on visual appeal. Consumers want to feel confident in their financial institutions and many credit unions still have an ambience of past decades.
Brand & Positioning: The stage for the credit union industry has been set by the media. The opportunity to grow market share is unprecedented and needs to be seized now! Each credit union must leverage its brand to stand out from the competition and clearly show why consumers should choose it from the others. Those who choose not to market their brand advantages will be left behind.
Competition: Big banks made their statement about the Dodd-Frank legislation by imposing fees on their customers. Now with the escalating backlash, banks (repealing their decision to fee) won’t be resting for long without trying to repair the damage they did to their market share – their stockholders will demand it. Regaining consumer confidence and lost market share will be a priority with more retail and lending focus than ever before.
Are you ready? If not…we can get you ready and put you ahead of the competition!
MPI has the right solutions you need to increase your loans, grow membership, deepen relationships and maximize your credit union’s marketing effectiveness with proven ROI.
Contact us at 888.641.1215 or e-mail us today!