How to retain members in tough economic times

If you ask most credit union members, they’d say times are tough. As many as three out of five people believe we’re currently in a recession. Making matters worse, few Americans feel prepared to weather economic storms. Over half of the adults in the U.S. say they plan to borrow money in an emergency.

While financial institutions have little control over the state of the economy, they can change how they engage. To stand out and provide value during rough patches, credit unions can look for ways to offer more solutions to their members.

Prioritizing members’ financial well-being matters now more than ever. With pressures like inflation and economic uncertainty, consumer spending remains relatively stagnant. Total spending has risen only 0.3 percent since the end of 2023.

Put members first and gain a competitive advantage

Focusing on financial well-being is a win-win for credit unions and their members. Members benefit by getting the tools they need to support financial health, while credit unions strengthen their reputation and minimize issues among members.

 

continue reading »