Total Expert General Manager of Banking James White is back with more industry-leading insights in his article for Credit Union Business News that focuses on helping credit unions shift from a transactional mindset to a relationship-focused mindset.
As your members begin planning for and reaching significant life milestones, their financial needs will become more complex. At those moments, credit unions have an opportunity to engage members with the personalized advice and banking services they need to navigate major financial decisions—and establish themselves as a trusted financial partner for life.
Here’s a short snippet of the insights James provides in his article:
“Summer brings several opportunities for credit unions to engage their membership when overall interaction is down given the unpredictable macroeconomic forecast: a flood of significant milestones like weddings, graduations, and retirements in your members’ lives, which bring with them changing needs and organic demand for new products and services.
Credit unions can capture these opportunities and support members by building a summer engagement strategy around a simple idea: Show up for your members at these moments that matter most.
For the last year and a half, Accenture has been preaching what it calls “life centricity” to financial institutions. In its 2023 Global Banking Consumer Study, Accenture urged financial institutions to move from a more transactional relationship with members to “playing a more meaningful role in customers’ lives and helping them achieve their life aspirations.”
Life milestones are the anchor points for this kind of life-centric member engagement. Why? Because member life milestones are the biggest driver of organic demand for net-new financial products and services.”
