The State of the Credit Union Marketer

There are 2 key areas where credit unions can improve member experience: access to data and using it to personalize member communications.

Data-driven marketing is a buzzword of the past, and today’s consumers demand companies — from product to retail to financial industries—deliver a personalized experience based on their unique data. A Harris Poll revealed more than half of consumers (53%) expect a brand to know their buying habits and preferences and be able to anticipate their needs.

Members expect your credit union to treat them as individuals, send them exclusive offers relevant to their needs, and recognize them as the same person across all touchpoints. These trust-building marketing efforts are critical because credit unions are seeing declining member satisfaction, and at a rate higher than banks. The Credit Union Satisfaction Index (CUSI) is at a 6-year low of 83 points on a scale of 100. Historically, credit unions outperform banks on this scale, but year-over year, the CUSI slipped 3 points, compared to a 1-point drop in bank satisfaction.

Credit unions that successfully leverage data to better serve their members humanized messages will be able to positively impact overall member experience. In our research with the Financial Brand, we learned a majority of credit unions, 70%, report they aren’t using data as often as they should or they would like to. In this report, we’ll take a deeper look at today’s credit union marketing activities, specifically member engagement and the use of data to humanize marketing communications.

Making It Personal

How are today’s credit unions engaging with their members?

While 40% of credit union marketers report they are using some level of personalization, and outperform banks on this front, they also admitted they use a limited number of variables and data points. For example, some credit unions define personalization as only using first name personalization on email greetings.

Survey responses indicate this is a large growth opportunity for credit unions. If credit unions can better leverage the data they have to improve member service, this gives them a competitive advantage over banks.

Breaking Down Barriers

Access to data remains inconsistent for credit unions.

It’s clear that access to the data is a key obstacle to consistent marketing implementation. This is the data that could be used to inform personas, journeys, and ultimately deliver an improved member experience.

Only 12% of credit unions report all of their data is centralized. The majority of respondents (40%) said some member data is centralized, but most is siloed throughout various systems.

The intersection of data, process, and personalized marketing communications are key to delivering an outstanding member experience, the kind needed to establish your credit union as a lifetime financial partner to each of your members.

Learn more about member experience opportunities in the full Credit Union Executive Summary of our State of the Financial Marketer report.