Union Credit Provides Customer Acquisition Strategies for Community Financial Institutions in 202412/20/2023 Union Credit, the only marketplace for credit unions to make firm pre approved, one-click credit offers at the point of purchase, reveals strategies for forward-looking community financial institutions to position for account holder growth in 2024 and long-term success. As thousands of community and regional institutions battle over a finite amount of deposits, interest rates are growing increasingly competitive and fintechs are acquiring customers through lending. The "Buy Now, Pay Later" (BNPL) model exemplifies how consumers prioritize staying within their existing experiences, even opting for less attractive products to maintain their current paths. For credit unions and banks, success lies in adapting to this shift, focusing on aligning with consumer desires and needs. This strategic approach, emphasizing accessibility where consumers are actively engaged, is key to acquiring new customers and sustaining growth in the evolving financial services sector. Barry Kirby, Co-founder and Chief Revenue Officer of Union Credit, emphasizes the imminent need for change in community financial institutions. He states, "Industry visionaries have long sounded the alarm, and now, a shifting economy will act as the catalyst, compelling these institutions to take decisive action." Here are three strategies community financial institutions can leverage today to acquire new relationships and position for growth:
Kirby explained, "Lending fintechs have set a new bar for consumers. Community financial institutions can no longer operate under a siloed thinking model that necessitates consumers to seek them only during times of need; instead, they need to proactively connect with them in those moments. Local lenders have a distinct advantage in terms of trust, service, and local impact. The next generation expects connectivity; they prefer shopping local and having trusted providers. Credit unions and banks that can break through the old ways to meet them where they are will forge lasting relationships within their communities."
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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