Did you know that part of our value proposition to owners includes access to the power of select partners’ research? We give you access to these resources to keep you aware of what is ahead for the credit union industry. So what type of research and reports are we talking about? If you are an owner and wish to see the full list, visit MDC Connect. If you are not, please email our CEO, Jeff Kline.
To elaborate a bit more about some trending topics, here are some particularly compelling trends we’ve seen recently:
- Top Technology Initiatives for Retail Banking in 2016—There is a new sense of urgency within the digital shift of retail banking. According to reports, digital sales need to increase 45%, but have only increased 14% in the past three years. Among these urgent technology initiatives, modernizing the digital bank, access/usability, and security rank top three in priority among financial institutions. This only touches the tip of the iceberg on this topic—a full report about these imperative technology trends can be found on MDC Connect.
- Creating Sustainable Card Loyalty Programs: Moving Beyond Rewards—We all know rewards programs have become an integral part of keeping your credit union’s card top of wallet. In fact, one of our partner’s shows that loyal members are forecasted to use their credit union’s reward card for up to 50% of their purchases if positioned correctly. So how do you create a rewards program that will stick? This report lists many ways to execute a successful and sustainable card-path, and one of the most critical points is to cater to shifting demographics, this is why your loyalty card program should contain different cards offering different benefits, such as the options found if you were to compare qantas credit card options. There is a clear difference in Millennial, Baby Boomer, Generation X, and the Greatest Generation’s card reward preferences and expectations. Visit MDC Connect for the full scoop.
- Digital Innovations to Earn Member Loyalty—It is widely agreed upon that innovative products and services result in improved member loyalty. This is increasingly important in an ever-changing and competitive marketplace. With modest credit union budgets, we know this can be tricky. One very important way to stay top of mind for your members is by providing help to keep your member’s finances on-track. Banks are not taking the time to play that role for their customers. Credit unions have the opportunity to innovate around the member’s financial planning experience and provide superior service. Like always, the entire report showcasing the importance of digital innovation in the credit union market is available to you on MDC Connect.
These are only three topics of many we have available to you—we encourage you to take the time to browse our external research page and give these findings some serious thought. We can all learn from the collaboration that is at the heart of the credit union movement. MDC brings value to our owners by combining our unique project learnings with research from other leading financial services firms. Still have questions or want to learn more about our strategic relationships? Please contact Jeff Kline!