Credit unions are facing several challenges in 2024. Competition is steeper than ever, and their membership base is aging. Adopting a new marketing approach is crucial for staying relevant. Relying on modern marketing strategies will also help you connect with new generations and offer more value.
Offering digital financial tools
Consumers expect financial institutions to support their economic well-being. Banks and credit unions are achieving this goal by delivering educational content and digital tools. These tools benefit members and the credit union and act as a critical factor for loyalty.
Twenty-seven percent of Americans are using an online-only bank. Access to a convenient self-service platform is something consumers expect. Credit unions can offer several tools that create value while remaining cost-effective to offer:
- Mobile banking
- Virtual wallets
- Automated savings
- Smart budgeting tools
These tools create convenient experiences. They also empower members and give them more control. These members become more likely to adopt a proactive approach to managing their finances and actively shop for new products.
Developing modern digital solutions in-house is only possible sometimes. For credit unions, working with fintech businesses can open up more possibilities.
Once a digital solution is in place, marketing campaigns should highlight this feature and show how it creates value for members.
Embracing AI and chatbots
The AI market is currently growing at a rate that exceeds 30%. New use cases are appearing every week, and it’s safe to say that AI is the most disruptive technology of 2024.
Banks and credit unions use AI to transform customer service, fraud detection, and investment strategies.
Are you already using AI? Use content marketing to tell your audience how you’re innovating and creating value with this tech.
Implementing a chatbot should be a priority if you still need to adopt AI. Around 37% of Americans interacted with a bank’s chatbot last year. Having access to this channel is something your members will soon come to expect.
Chatbots are one of the critical credit union marketing trends for 2024. They’re a personalized content distribution channel for promotional offers. Besides driving conversions, they result in memorable experiences and boost engagement.
Investing in data-driven personalization
Modern consumers expect consistent experiences. They want personalization and consistency across digital and physical touchpoints. If you fail to meet these expectations, members will look at alternatives.
The good news is that achieving visibility over your membership base is easier than ever. Analytics help you track and understand behaviors and preferences.
Leveraging data allows you to achieve a higher level of personalization. You can also develop a better understanding of your members’ needs. Data makes you reactive and enables you to adapt in real-time.
Use data to map the financial journey of your members. Your findings will help you create marketing campaigns that deliver the correct information at the right time. You can also make personalized offers or anticipate future needs.
Exploring new formats and channels for engagement
While formats like email, blog posts, and social media remain effective ways to connect and engage, new trends are emerging in 2023:
- User-generated content builds social proof while creating a sense of community.
- The live-streaming market is now worth $1.49 billion. It’s an effective channel for connecting with your audience in real time.
- Webinars have remained popular since the pandemic. This format is ideal for delivering sophisticated financial wellness content.
- Forty-two percent of Americans listen to podcasts each month. This audio format can be a great way to engage users. Think about launching a weekly series to discuss financial topics.
- The rise of AI and voice assistants is leading to increased conversational searches. You can target these searches by developing FAQ pages and Q&A content and optimizing your content for voice search.
The most successful financial institutions are those that innovate. It’s never too early to look beyond 2024 and explore credit union marketing ideas connected to AR and VR. As AR and VR users climb, offering immersive experiences will become a key differentiator.
Connecting with young members
Many credit unions are seeing their membership base age. Experts predict millennials will receive $72 trillion during the upcoming wealth transfer. Connecting with Generation Z is just as essential to ensure future growth opportunities.
However, these young consumers tend to prefer nationwide banks or online-only institutions. Credit unions can connect with Millennials and Zoomers with these strategies:
- Offer digital financial tools for a convenient experience.
- Develop new financial literacy content. Discuss the challenges unique to these consumers.
- Use research to create new products and services adapted to the needs of young members.
- Tell stories to show what makes credit unions different.
- As a credit union, you can offer value by focusing on the community. Show this benefit through marketing, and connect it to pain points young members can relate to.
Rethinking the branch experience
You can stand out by offering a modern branch experience. Show prospective members what they can expect when they visit a branch by developing marketing content on this topic.
By 2024, human-assisted interactions will represent 39% of banking tasks. With fewer face-to-face interaction opportunities, each visit must be memorable and valuable.
Here’s how you can build a new branch experience:
- Integrate the branch with digital services. Members want a seamless and consistent experience navigating digital and physical channels.
- Make data and AI available to employees. These tools will support personalization.
- Replace ATMs with ITMs. These innovative devices offer more services, including deposits, loan payments, and live videos.
- Train staff to engage members. Design a physical space that fosters conversations. These steps will help the team connect with members and deliver value through advice and recommendations.
Marketing your commercial banking services
One of the main priorities for commercial banking institutions in 2024 is to help businesses navigate uncertainty.
As a credit union, focusing on commercial banking is an excellent strategy for growth. Your local focus aligns with the values of small and medium businesses, and you can offer competitive interest rates.
Look into expanding your commercial banking services for 2024. You should also tailor your messaging to retail banking customers. Here are a few strategies to explore:
- Entrepreneurs are busy. Highlight the convenient digital services you offer and how they help save time.
- Educate your audience about your digital payment systems. Explain how these reliable products can support business growth.
- Support your local business community through partnerships.
- Develop financial literacy content that addresses business owners’ unique needs and concerns.
Key credit union marketing trends for 2024
Credit unions can implement effective marketing strategies by embracing these critical trends for 2024:
- Consumers want digital experiences. Show how your credit union offers valuable digital tools. Create marketing content that highlights these features.
- Leverage new technologies like AI and chatbots to stay relevant and competitive.
- Engage members by using the latest channels and formats. Personalization can also lead to memorable experiences.
- Use your marketing campaigns to show what makes your credit union unique. Being authentic, using storytelling techniques, and focusing on your community-first approach can be differentiators.
Tempesta Media’s managed service solution assists financial services firms in generating profits and boosting engagement. We can help scale your strategy to enhance your client base through our extensive experience in digital marketing. We seamlessly integrate content, social media, and influencer marketing into our managed service solutions for the financial industry to produce revenue.
Contact us to optimize your bottom-line performance while minimizing your costs.
