Hear that? Yep, it’s 2022 knocking at the door. And, if you’re brainstorming how to make this the best year yet for your credit union and its members, we’ve got some expert advice I think you’ll appreciate.
He sits down with our own Joshua Barclay to discuss how financial inclusion, innovation, tech, and more play a role in helping the credit union movement survive and thrive—this week on CRMNEXT’s Banking on Experience.
Jordan’s story – why our expert is so passionate about credit unions.
Our expert likes to joke that he went to grad school for philosophy to become “thoroughly unemployable” and ended up in the credit union movement – a turn of events he’s grateful for. He spent 7 years at a CU, much of which he focused on new hire training and experience and has been in his current role on the advocacy side for the past 3 years.
Remaining relevant: top tips for CUs.
Jordan’s top tip? Stay mission focused on what you can do for your membership. As he says, “Credit Unions are uniquely structured as not for profit financial cooperatives…If you line up products from a traditional banking service, from a fintech, and from a credit union – the value you get from a credit union is knowing they’re invested in their membership and looking at ways to provide value to their members, not only now but for the future.”
Financial Inclusion and the role CUs play.
Our expert points out credit unions’ humble beginnings and the fact that they’ve always existed to find a way to include people financially.
Whether that’s putting a branch in a rural community that’s currently unbanked or looking in urban settings to provide more value, access to credit, and financial education – credit unions are “very much in tune with that.”
Jordan adds that, “Data provides a lot of the value, but then it’s animating that with the stories of the individual members you’re able to help.”
Profitability: can financial inclusion be a stepping stone?
Our expert admits it’s not “an easy nut to crack,” but it’s one CUs need to stay engaged with. He absolutely believes there’s a way to look at profitability in those terms, looking holistically at the sorts of members credit unions are able to pursue – particularly in underserved communities.
Member experience and what Jordan thinks CUs can improve on.
Jordan shares some personal experiences here you’ll want to tune in for. For his suggested improvements, it comes down to this: providing care and telling your story.
And regarding member experience, he believes the following are top of mind:
- Does my financial institution have my back?
- Do they provide ease of access?
- Are they looking at the things that consumers are constantly driving towards?
Tech trends and how to weed out what’s right for your CU.
Some of the Qs our expert hears most from members involve: Peer-to-peer payment systems, cryptocurrency, investment options, options for trading, holistic representation of financial accounts, and simplified payment processes.
The importance of being on the leading edge of today’s innovations is obvious. But Jordan suggests asking yourself, “What is the tacit value this is going to provide to the membership as a whole? What is it going to simplify in our members’ lives?” If you can evaluate some of the technologies in that regard, he believes it will lead to continuing success in the movement AND establish CUs as “innovators in the products and services we provide.”
Going above & beyond: stories of CUs putting members first
There’s SO much heart in this portion of the conversation, and you’ll definitely want to take a listen. But, to sum up: Continue to provide value to your memberships, express what that value is, and tell the story of that value. As Jordan says, “I don’t think we can tell the story enough.”