Credit unions are constantly changing with the times to keep ahead of the competition. To stay current, it is time to take a look at what tendencies are on the horizon for the rest of 2021 and beyond. This blog post will cover top credit union marketing trends and how you can start implementing them to improve your chances of success.
The marketing landscape is changing continuously for the financial industry. To keep up with the latest trends, use the following tips for successful credit union marketing.
Implement digital financial tools
Consumers today are more aware of cutting-edge technologies, which is resulting in increasing demand for self-service banking and other digital-based services (such as financial digital tools). In fact, digital banking stats expect that the total number of mobile and online banking users will surpass 3.6 billion by 2024.
Through digital tools, consumers can take better control of their finances than ever before. As credit unions continue to experience mounting competitive exposure in the marketplace, the financial industry will ultimately shift toward innovative digital tools that are mutually beneficial to financial institutions and consumers alike.
Credit unions should invest in innovation to make the transition to a more technologically driven future. Leveraging payment solutions and other delivery channel technologies will enable you to provide a variety of modern mobile cooperative financial services that maintain savings and income within the movement.
Use chatbots to improve customer experience and collect user data
Chatbots are computer programs designed to simulate conversation with real humans. Credit union marketing departments widely use chatbots to offer faster and more direct communication with consumers.
Some of the advantages of chatbots are that they are easy to deploy, do not consume a lot of time, and can be used to answer simple questions via instant messaging applications. Furthermore, bots are designed to help the customer during the day, but they also collect valuable information about the user, which is a part of banking content marketing efforts.
Bots may be beneficial for automating routine tasks, responding to typical client inquiries, and even closing deals.
Build individual member experience
In the ever-changing world of banking, credit unions are turning to new strategies to stay competitive. One of the most comprehensive strategies is to focus on members. According to the annual American Consumer Satisfaction Index survey, credit unions “fell 2.5% to a score of 77 on a 100-point scale” – behind banks by one point. The more you can focus on your members, the happier they will be, which will ultimately lead to higher customer satisfaction.
Financial institutions must meet the expectations of educated consumers for a consistent, highly personalized experience across all digital and physical touchpoints, or else members will switch over to another organization. To effectively satisfy customer demands, you should first understand them. Knowing customers’ needs will allow you to match products and services to customer behaviors and intent dynamically.
Connect with your audience as a part of your credit union marketing campaign
When it comes to credit union marketing trends for 2021, the first thing to keep in mind is who you’re marketing to. You may need to create online and offline events and programs for your target audience. By doing so, you can build trust and long-lasting connections.
- Newsletters. This is one of the most significant ways to reach a target audience in a more personalized manner. Make sure that the language and tone are light and conversational.
- Infographics. You can make your content more visual by using infographics and videos. People are 30% more likely to send payments faster when persuaded by visuals.
- Social media engagement. Create social media polls to ask customers about their needs and pain points. It will give you the chance to understand where improvements are needed. Ask the right questions to receive feedback.
- Content marketing. Provide valuable insights and establish yourself as a thought leader.
Digitize your processes to attract a younger audience
With the proliferation of mobile devices and online marketing, credit unions need to focus on using their digital presence to help engage with younger users and those who want to interact outside the traditional banking content marketing system.
The millennial market has shown itself to be more receptive than past generations to leveraging new technologies. Millennials are the most active online bankers of all ages. They tend to search offers online, with 31% of them using apps to discover deals.
So, it makes sense for you to consider utilizing these new technologies to further your business. Keep in mind what your customers’ needs are based on their age range. For example, when you think of millennials, it would make sense to consider their struggle of financial uncertainty during these times and propose services accordingly that address their concerns and economic demands.
In 2021, a tremendous planned marketing strategy can play a critical role for credit unions. By following and implementing a rapid change in marketing trends in digital banking usage, you will be excited to see what positive impact it can bring for your credit union development.
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. Content, social media, and influencer marketing are all seamlessly integrated into our managed service solution for the financial industry to produce revenue for you.
Contact us to optimize your bottom line performance while minimizing your costs.