How credit unions can strengthen their member relationships in 2021

While COVID-19 has deeply impacted many credit unions, many more saw an opportunity to work with their members to ensure they had everything they needed to get through the pandemic. The same can’t be said of some of the more popular banks, like Wells Fargo.

After signing the $900-billion pandemic relief package over the weekend, the president authorized a new round of stimulus payments to Americans. 

Some people received their stimulus the same day, yet many more developed anxiety about whether they would get theirs. After all, the intent is to mainly help citizens pay their monthly bills. The slow response time from these major institutions leaves a lot to be desired and maybe a little more for people to think about.

2021 Credit Union Marketing 

With this type of lackluster response, it should be no surprise that, according to S&P Global, “Credit unions are growing at a faster clip than banks, and the nation’s largest, Navy FCU, recently surpassed $100 billion in assets. Credit unions are also increasingly acquiring banks. Both factors are further exacerbating longstanding tensions between the two industries.”

 

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