Three keys to successfully offering cryptocurrency products
Make sure your member experience sets you up for success.
Just a year ago, most credit unions and banks wanted little to do with cryptocurrency. A 2021 survey by Cornerstone Advisors found that 81% of community banks and 77% of credit unions had no desire to offer cryptocurrency investing services to their customers, with only 1% of smaller banks and 3% of credit unions expressing strong interest.
Today, however, growing demand—particularly among Gen Z and millennial segments—and competitive pressure from innovative, agile fintechs are forcing more credit unions to provide members cryptocurrency investment and payment options.
But creating and offering crypto products alone won’t ensure success. Credit unions will need a full understanding of the cryptocurrency market and what consumers know and expect. They also must create and implement a strategy for educating members, providing them with well-trained support agents and enabling the right technology infrastructure to support cryptocurrencies.
Here are three key things credit unions must keep in mind as they continue to adopt cryptocurrency into their business strategies.
continue reading »