Skip to main content

We all know the credit union movement will always have an advantage over banks – member engagement and service is always higher, and, effectively, better. Banks’ need to cater to shareholders on Wall Street doesn’t exist with cooperatives, so credit unions can therefore focus and listen to the people who truly matter – their members, while prioritizing their financial health needs above all. 

This level of focus and attention pays off. According to Gallup and reported by The Financial Brand, 73 percent of members who believed their credit union cared for their financial health and well-being were “engaged,” meaning they display an emotional or loyal connection to the cooperative’s brand. Of those members who did not feel their credit union cared for their financial health or well-being, only 20 percent were engaged. 

With higher member engagement, credit unions will obviously see palpable increases. Engaged members are clearly going to purchase more products, invest more capital, remain with the cooperative long-term, and be more likely to claim it as their primary financial institution. The question confronting the movement these days materialized out of the same Gallup study. Is that advantage running out of momentum? 

Gallup has researched the concept of member engagement in credit unions versus banks for years. Nearly a decade ago in 2014, credit unions sported a +21 percent engagement premium and a +29 percent net promoter score (NPS). By 2021, however, the engagement premium for cooperatives was cut nearly in half to +11 percent, with the NPS dropping to +17 percent. 

This reduction in member engagement is a multi-pronged challenge, but a challenge that can be overcome. There are substantial changes credit unions are undergoing. To start, we are all witnessing the shrinking of the credit union industry through buy-outs or mergers to accomplish efficiencies that bring scale. The number of credit unions possessing less than $10 million in assets, in fact, nosedived by two-thirds in the last decade, from nearly 3,000 to just over 1,000. 

Shifts in demographics also play a major role in the member base for credit unions. The World Council of Credit Unions found the average age of North American credit union members rests at 53 – older than the average age of the general population. This finding should put a chill up the collective spin of the credit union industry, as long as it never loses sight of the ability to correct trajectory. 

Member Engagement
Photo: Emmanuel Ikwuegbu-iflu | Unsplash

How credit unions can muscle up on member engagement

Re-engage with principles of financial well-being

While other competing financial institutions are beginning to resemble cooperatives in how they exemplify their stated goals in financial well-being, the truth is their very mode of operation and ultimate loyalty to shareholders or other key corporate stakeholders will always betray them and unveil their true motivations. 

Credit unions’ true north is their ultimate focus on financial, inclusion, health and well-being, and how they maintain their purpose in serving their members. The key to do that is how clearly they define their specific strategy in helping members achieve financial well-being.

Gallup defines financial well-being as “managing one’s economic life to reduce stress and increase security.” In summary, the work involves helping members’ relationship with money be productive, stable, beneficial, and ultimately, healthy.

Analytics and guideposts built around members’ daily spending and consistent relationship with money should be front and center, and followed to map their progress over weeks, months, and years. Even more than measurement, however, cooperatives have a great chance to highlight testimonials and document the financial well-being achievements of their members. These stories can construct an organizational culture that reinforces well-being rather than transactions. 

Transparency and clear, upfront communication

Making the effort to clearly communicate every aspect of your credit union is essential to produce better member engagement. Transparency plays a central role in achieving this goal. A lot of consumers choose credit unions for the low fees, high-interest savings accounts, low interest rates, and their efforts in community engagement. The best thing cooperatives can be is upfront and clear about rates, product offerings, your community initiatives, and the specifics of what you’re doing to make your members’ lives better. 

There are multiple community engagement tools to keep your members updated:

  • Individual outreach from your staff
  • Email
  • Consistently updated website
  • One-on-one appointments
  • Targeted mailings
  • Social media channels, Facebook, Twitter, LinkedIn, Instagram, etc. 

If there is something that needs to be communicated or is imminent in nature, do NOT hesitate. There is nothing more important than building trust and creating deeper relationships, save for maintaining them!

Learn to build across the digital divide

While the pandemic certainly accelerated the incorporation of digital banking into their cores, the inexplicable fact remains that cooperatives still need to adopt digital resources and fintech tools faster. 

Many credit unions appear to be still holding out on the costs of upgrading, and the perceived hassle of introducing fintech like QCash digital small-dollar lending, apparently to see how others handle it first. Another Gallup finding in 2021 shows the segment of cooperative members who were “digital forwards” – those who use digital banking for simple needs, but also attempt digital for more complex ones – was 38 percent. That figure was up from 27 percent in 2020.

The challenge here occurs when we realize the segment of digital forward national bank customers came in at 52 percent in 2021, and 40 percent for large regional banks. A strong segment of these digital forward customers are also found to be Millennials. There is clearly ground to make up in this area.

Credit union staff and employees are crucial sources for communicating the advantages of digital tools and fintech. And we have room to make up compared to our competitors. Additional research from The Financial Brand shows that only one in three members strongly agree that their credit union provides digital adoption support and education. Credit unions’ improvement in this area should involve the focus of educating and training their employees first. Members are more interested in digital resources than ever before, and credit union employees need to stay ahead of the curve in being a helpful and consistent resource for financial literacy inquiries. 

Enhance financial literacy efforts

In a 2019 study conducted by Zogo, students between the ages of 20-22, more than 75 percent of those Gen Z respondents were unaware of what a credit union even was, how they differ from banks, and how it would help them. Millennials fared only slightly better. Sure, many of us can probably relate to having no ability to tell the difference between different financial institutions. Conversely, that may be part of the problem why America’s financial literacy, health, and inclusion challenges have largely unchanged in recent decades

While financial education in K-12 schools has improved scattershot around the country, uniform, year-long curricula has yet to be established nationally. The U.S. education system as a whole has yet to imprint the importance of maintaining an informed awareness of personal finance on our youth’s individual lives. Naturally, students themselves aren’t interested. They’re kids! Unless they’re spending it, why would they care? It’s our jobs as parents, tutors, and community members to make them care about financial literacy and why it’s important to their present and future wellness. As it stands currently, our youth remain separated from fundamentally understanding how financial institutions work and how credit unions can benefit them now and in the long-term future. 

Here’s the good news: the same Zogo researchers also found that once they explained the purpose of the credit union movement, most students were far more likely to look into becoming a member. Yet another example of why re-engaging the right audiences with the right tools to help them in today’s economic environment is the key to long-term success for everyone.


  • always i used to read smaller posts which also clear their motive, and that is also happening with this piece of writing which I am reading at this time.

  • says:

    Thanks for sharing your thoughts on %meta_keyword%. Regards

  • Its like you read my mind! You seem to know so much about this, like you wrote the book in it or something. I think that you could do with some pics to drive the message home a bit, but other than that, this is magnificent blog. A great read. I’ll definitely be back.

  • says:

    Pretty portion of content. I simply stumbled upon your blog and in accession capital to say that I acquire in fact enjoyed account your blog posts. Any way I’ll be subscribing in your augment or even I fulfillment you get right of entry to persistently fast.

  • Hi there, I desire to subscribe for this blog to take latest updates, so where can i do it please assist.

  • I don’t know if it’s just me or if everyone else experiencing problems with your website. It seems like some of the text on your posts are running off the screen. Can someone else please comment and let me know if this is happening to them too? This could be a problem with my browser because I’ve had this happen before. Thank you

  • daachkaru says:

    Hi to all, it’s actually a nice for me to pay a visit this website, it contains priceless Information.

  • I was wondering if you ever considered changing the layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two images. Maybe you could space it out better?

  • What’s up to every body, it’s my first pay a visit of this website; this webpage includes awesome and actually good information in favor of readers.

  • Marvelous, what a webpage it is! This webpage gives helpful data to us, keep it up.

  • Im not that much of a online reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your site to come back in the future. Cheers

  • says:

    I all the time used to read piece of writing in news papers but now as I am a user of internet thus from now I am using net for articles, thanks to web.

  • says:

    Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! By the way, how can we communicate?

  • says:

    I truly love your site.. Pleasant colors & theme. Did you make this web site yourself? Please reply back as I’m hoping to create my very own website and want to learn where you got this from or what the theme is called. Thanks!

  • Недорогой частный эротический массаж Москва – тайский спа салон

  • Hey are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and create my own. Do you need any coding knowledge to make your own blog? Any help would be greatly appreciated!

  • As the admin of this web site is working, no hesitation very soon it will be well-known, due to its quality contents.

  • Today, I went to the beach with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!

  • Thank you, I’ve recently been searching for info approximately this subject for ages and yours is the greatest I’ve found out so far. However, what about the conclusion? Are you positive in regards to the source?

  • Post writing is also a fun, if you be acquainted with then you can write otherwise it is complex to write.

  • At this time I am going away to do my breakfast, when having my breakfast coming yet again to read more news.

  • I used to be very happy to seek out this net-site.I wished to thanks for your time for this glorious read!! I positively having fun with every little little bit of it and I’ve you bookmarked to check out new stuff you weblog post.

  • Thanks for your personal marvelous posting! I genuinely enjoyed reading it, you happen to be a great author.I will be sure to bookmark your blog and will often come back at some point. I want to encourage one to continue your great writing, have a nice weekend!

  • I’m really inspired with your writing talents as neatly as with the structure in your blog. Is this a paid subject matter or did you modify it yourself? Either way stay up the excellent high quality writing, it?s rare to peer a great blog like this one nowadays..

  • 7 rat porn says:

    Aw, this was a really nice post. Spending some time and actual effort to make a great article but what can I say I put things off a lot and never seem to get anything done.

  • Hello! Quick question that’s completely off topic. Do you know how to make your site mobile friendly? My web site looks weird when viewing from my apple iphone. I’m trying to find a theme or plugin that might be able to fix this problem. If you have any recommendations, please share. Many thanks!

  • One other important part is that if you are an older person, travel insurance intended for pensioners is something you should really take into consideration. The older you are, a lot more at risk you happen to be for allowing something terrible happen to you while in foreign countries. If you are never covered by several comprehensive insurance cover, you could have many serious difficulties. Thanks for discussing your ideas on this web blog.

  • says:

    You made some good points there. I looked on the web for more info about the issue and found most individuals will go along with your views on this website.

  • TarotReading says:

    One thing I would like to say is that before purchasing more computer memory, have a look at the machine within which it will be installed. When the machine will be running Windows XP, for instance, the actual memory threshold is 3.25GB. Putting in over this would purely constitute some sort of waste. Make sure one’s mother board can handle this upgrade amount, as well. Great blog post.

  • Mainkan Mesin Slot Terbaik 2023 Mesin Slot Thailand menjadi perhatian masyarakat Indonesia saat ini. Menemukan situs mesin slot online mungkin tidak sulit, tetapi menemukan sistem permainan yang adil dan resmi adalah hal lain. Setiap member yang bermain game ingin membayar kemenangannya dan bermain di situs mesin slot terpercaya yang sudah memiliki lisensi resmi terutama yang dilisensikan khusus oleh otoritas judi internasional.

  • articol seo says:

    Spot on with this write-up, I actually assume this web site wants rather more consideration. I?ll in all probability be again to learn way more, thanks for that info.

  • Have you ever considered about including a little bit more than just your articles? I mean, what you say is valuable and all. Nevertheless think of if you added some great photos or video clips to give your posts more, “pop”! Your content is excellent but with images and clips, this website could certainly be one of the very best in its niche. Good blog!

  • link bokep says:

    I believe that avoiding refined foods may be the first step in order to lose weight. They might taste good, but highly processed foods include very little vitamins and minerals, making you take in more to have enough vigor to get throughout the day. Should you be constantly eating these foods, converting to whole grains and other complex carbohydrates will let you have more vigor while consuming less. Good blog post.

  • video porno says:

    Thanks for the helpful post. It is also my belief that mesothelioma cancer has an very long latency interval, which means that signs and symptoms of the disease might not exactly emerge right until 30 to 50 years after the original exposure to asbestos. Pleural mesothelioma, that’s the most common style and is affecting the area about the lungs, may cause shortness of breath, chest pains, including a persistent cough, which may bring about coughing up body.

  • I would like to thnkx for the efforts you have put in writing this web site. I am hoping the same high-grade site post from you in the upcoming as well. Actually your creative writing skills has inspired me to get my own site now. Really the blogging is spreading its wings fast. Your write up is a good example of it.

  • Thanks for every other informative web site. The place else may just I get that kind of info written in such a perfect manner? I’ve a project that I am just now running on, and I have been at the glance out for such info.

  • I was recommended this blog by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my difficulty. You are amazing! Thanks!

  • Hello would you mind letting me know which webhost you’re utilizing? I’ve loaded your blog in 3 completely different web browsers and I must say this blog loads a lot quicker then most. Can you suggest a good web hosting provider at a honest price? Thank you, I appreciate it!

  • RNS-MO-tox says:

    Разрешение на строительство — это государственный удостоверение, выдаваемый правомочными инстанциями государственного аппарата или территориального самоуправления, который дает возможность начать строительство или исполнение строительных работ.
    Разрешение на строительство жилых построек устанавливает законодательные положения и требования к строительным операциям, включая предусмотренные категории работ, разрешенные материалы и подходы, а также включает строительные нормативные акты и комплекты защиты. Получение разрешения на возведение является обязательным документов для строительной сферы.

  • I have seen many useful factors on your web-site about computer systems. However, I have got the viewpoint that notebooks are still more or less not powerful adequately to be a good choice if you normally do projects that require lots of power, including video croping and editing. But for world-wide-web surfing, statement processing, and the majority of other prevalent computer work they are perfectly, provided you don’t mind your little friend screen size. Many thanks sharing your notions.

  • I really like your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to create my own blog and would like to find out where u got this from. kudos

  • I have realized some new issues from your site about computers. Another thing I’ve always presumed is that laptop computers have become something that each house must have for a lot of reasons. They provide convenient ways in which to organize homes, pay bills, search for information, study, pay attention to music and even watch shows. An innovative way to complete these tasks has been a notebook computer. These computer systems are portable ones, small, highly effective and easily transportable.

  • Nice post. I was checking continuously this blog and I am impressed! Very useful info specially the last part 🙂 I care for such info a lot. I was seeking this certain information for a long time. Thank you and best of luck.

  • Hey there! This is my first visit to your blog! We are a group of volunteers and starting a new initiative in a community in the same niche. Your blog provided us valuable information to work on. You have done a outstanding job!

  • Awesome blog! Is your theme custom made or did you download it from somewhere? A design like yours with a few simple adjustements would really make my blog jump out. Please let me know where you got your design. Thank you

  • Have you ever considered about including a little bit more than just your articles? I mean, what you say is important and everything. However imagine if you added some great photos or videos to give your posts more, “pop”! Your content is excellent but with pics and video clips, this website could undeniably be one of the very best in its field. Wonderful blog!

  • An interesting dialogue is worth comment. I feel that you should write extra on this matter, it might not be a taboo topic but usually people are not sufficient to talk on such topics. To the next. Cheers

  • Choose the model that will ignite your passions and give you a glimpse into the world you crave to explore. Hot live models are ready to accompany you on the exciting journey of your dreams.

  • A person necessarily lend a hand to make significantly articles I might state. This is the first time I frequented your web page and so far? I amazed with the research you made to create this actual post incredible. Fantastic activity!

  • Hi, Neat post. There is an issue together with your web site in internet explorer, could check this? IE still is the marketplace leader and a big portion of other people will miss your great writing due to this problem.

  • Быстромонтируемые строения – это новейшие строения, которые различаются громадной быстротой установки и мобильностью. Они представляют собой конструкции, состоящие из предварительно произведенных составляющих либо блоков, которые имеют возможность быть быстрыми темпами собраны в территории развития.
    Строительство из сэндвич панелей располагают податливостью также адаптируемостью, что разрешает легко преобразовывать а также адаптировать их в соответствии с запросами покупателя. Это экономически лучшее и экологически стабильное решение, которое в последние годы получило обширное распространение.

  • You should take part in a contest for one of the finest sites on the net. I am going to recommend this website!

  • Hello! Someone in my Myspace group shared this site with us so I came to take a look. I’m definitely enjoying the information. I’m book-marking and will be tweeting this to my followers! Wonderful blog and terrific style and design.

  • situs porno says:

    Nice blog here! Also your web site loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my site loaded up as quickly as yours lol

  • I am sure this piece of writing has touched all the internet people, its really really good piece of writing on building up new webpage.

  • No matter if some one searches for his necessary thing, thus he/she desires to be available that in detail, thus that thing is maintained over here.

  • I’d like to thank you for the efforts you have put in writing this website. I’m hoping to view the same high-grade blog posts from you in the future as well. In fact, your creative writing abilities has inspired me to get my own blog now 😉

  • Thank you a bunch for sharing this with all people you really recognise what you are talking approximately! Bookmarked. Please also seek advice from my site =). We will have a link exchange contract among us

  • I was wondering if you ever thought of changing the layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 pictures. Maybe you could space it out better?

  • Hello! I’ve been reading your blog for some time now and finally got the courage to go ahead and give you a shout out from Houston Texas! Just wanted to mention keep up the great job!

  • Wonderful paintings! This is the type of info that are supposed to be shared across the web. Disgrace on the search engines for now not positioning this put up upper! Come on over and visit my website . Thanks =)

  • This will be a excellent web site, might you be interested in doing an interview regarding just how you developed it? If so e-mail me!

  • I am sure this article has touched all the internet people, its really really good post on building up new blog.

  • Thanks for making me to attain new concepts about pc’s. I also hold the belief that certain of the best ways to help keep your notebook computer in perfect condition has been a hard plastic-type material case, and also shell, that matches over the top of your computer. A lot of these protective gear are model specific since they are made to fit perfectly within the natural casing. You can buy them directly from the owner, or via third party sources if they are intended for your notebook, however don’t assume all laptop may have a shell on the market. Once again, thanks for your suggestions.

  • Please let me know if you’re looking for a article writer for your weblog. You have some really great posts and I feel I would be a good asset. If you ever want to take some of the load off, I’d love to write some material for your blog in exchange for a link back to mine. Please blast me an email if interested. Kudos!

  • I love what you guys are up too. This sort of clever work and exposure! Keep up the great works guys I’ve added you guys to blogroll.

  • I am extremely inspired with your writing talents and alsowell as with the format in your blog. Is this a paid topic or did you customize it yourself? Either way stay up the nice quality writing, it’s rare to see a nice blog like this one nowadays..

  • Wonderful website you have here but I was wanting to know if you knew of any user discussion forums that cover the same topics discussed here? I’d really like to be a part of community where I can get responses from other knowledgeable individuals that share the same interest. If you have any suggestions, please let me know. Bless you!

  • Link exchange is nothing else but it is simply placing the other person’s weblog link on your page at proper place and other person will also do same in favor of you.

  • Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! However, how can we communicate?

  • Excellent blog here! Also your site a lot up fast! What host are you using? Can I am getting your associate link in your host? I desire my website loaded up as fast as yours lol

  • Hi everyone, it’s my first pay a visit at this site, and post is actually fruitful designed for me, keep up posting such posts.

  • I couldn’t agree more with the insightful points you’ve articulated in this article. Your profound knowledge on the subject is evident, and your unique perspective adds an invaluable dimension to the discourse. This is a must-read for anyone interested in this topic.

  • vsol price says:

    Thanks for sharing your ideas with this blog. In addition, a myth regarding the banking companies intentions whenever talking about property foreclosure is that the traditional bank will not take my installments. There is a certain amount of time which the bank will need payments every now and then. If you are as well deep inside the hole, they will commonly desire that you pay the payment completely. However, i am not saying that they will have any sort of installments at all. If you and the traditional bank can seem to work one thing out, this foreclosure procedure may stop. However, in case you continue to skip payments beneath new approach, the property foreclosures process can just pick up where it left off.

  • minoo-cn says:

    Hi, Neat post. There is a problem with your web site in internet explorer, may test this? IE nonetheless is the market leader and a huge component of other people will leave out your magnificent writing due to this problem.

Leave a Reply