Exploring how credit unions maintain their edge

Credit unions know the importance of financial well-being to their members. They’re always working to stay a step ahead of economic challenges and find ways to create a better member experience.

And now more than ever, credit union members are navigating uncertain times and looking to their credit union to help them withstand financial surprises, stay on track with financial goals, and have the freedom to make financial choices.

This is why Securian Financial surveyed credit union members to gauge trends in financial concerns, determine what drives banking loyalty, and learn what credit unions can do to exceed expectations across the generations.

Here are key findings from the survey¹:

• Rising costs and increased living expenses are top of mind for all members
• Credit unions stand out for building trusting, secure relationships
• Members typically initiate interactions with credit union representatives and loan officers
• Members are familiar with lending protection products; however, less than half of respondents have purchased a product

When it comes to providing financial support, many members feel their credit union not only meets but beats expectations. That said, members share credit unions can better support their financial well-being by taking a proactive approach in the following ways:

• Offer more education and resources covering a variety of financial topics
• Increase direct, personalized outreach regarding financial health
• Ramp up credit digital and mobile capabilities
• Provide a more seamless digital experience by ramping up capabilities

By using this survey data¹, you can continue to have staying power in today’s crowded and ever-changing banking environment.

1. Securian Financial Credit Union Customer Survey. In June of 2022, we studied over 200 credit union members across the country in 11 geographic areas. Because each generation has unique mindsets and expectations, we wanted to explore the role of credit unions across generations, gauge current financial concerns, assess what drives banking loyalty, and what credit unions need to do to exceed member expectations. Participants were compensated for participation.