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Credit Union Marketing Trends

By 19 January 2024May 26th, 2024No Comments
credit union marketing trends

Credit Union Marketing Trends

Credit union marketing strategies have always depended on traditional communication. Despite the success of new marketing channels and automated solutions, credit unions have not modernized their marketing strategies.

However, the speed of digital transformation is changing every aspect of our business and personal lives. Hence it is fast becoming necessary for credit unions to jump in the wagon.

credit union marketing trends

If credit unions wish to survive the fast-changing world, they need to keep up with the latest marketing trends. But, what are these credit union marketing trends? If you don’t know the answer to this question, this article is for you.

Below we discuss some of the most promising credit union industry trends you need to know about in 2024. The article also explains why these credit union marketing trends are so crucial for your business and suggests viable solutions for implementing them.

#1 Bring In More Young Members

In 2024, Credit unions will no longer run after the usual target audience. Credit unions already have a good relationship with baby boomers as at least 14% of them rely on credit unions. However, most youth, including Millennials, Gen Z, and Gen X, primarily do not use a credit union for their financial needs.

It is worth noting that these younger generations have the quickest growing spending power. Hence, targeting the more youthful members is one of the most vital credit union industry trends you need to follow. One of the main reasons credit unions fail to capture their younger audience is their lack of digital services.

Most young people use mobile apps, digital bill-pay, card payments, etc., for their financial transactions. A large portion of credit unions is yet to adopt digital technologies. And even the ones that do adopt digital technology are painstakingly slow to implement them. Offering convenient financial solutions for the younger generation is the best way for your credit union to gain popularity among them.

#2 Boost In-Bank Visits

With digital banking taking center stage, the frequency of in-branch visits has come down significantly. On average, credit unions see four times as many in-person visits compared to other banking institutions.

As customers lean towards convenience, credit unions must raise the value of in-branch visits. There are a few ways to enhance the value of in-branch visits for your credit union. Some of the strategies you can try include:

  • Integrating tools such as self-service kiosks.
  • Offering personalized services and assistance to in-bank customers.
  • Implementing innovative ways to make the waiting period more entertaining.

All of the strategies above have one thing in common. They all try to minimize the waiting period of the customer because that is the biggest drawback of in-bank visits. However, some people prefer visiting the bank for a personalized experience and accessing services such as notaries.

#3 Enhance Customer Satisfaction

Credit unions may not be famous for the convenience of their services. But, when it comes to customer satisfaction, credit unions were always a step ahead of most banking service providers. You might be wondering if customer satisfaction is already something credit unions are good at.

Why is it on this list?

The other banking service providers appeal to the target audience with convenient digital solutions. And, it would be best if you made sure that the customers see why it is worth doing business with you. Taking a solid plus point of a company and enhancing it ensures optimal results.

In other words, ensuring quality customer service is a way to embrace the existing business model and make the most out of it. It also lets your credit union provide their customers with easily followable information and make the banking processes easier.

#4 Adapt Digital Financial Tools

There is only so much you can do by optimizing your in-bank experience. At some point, you will have to incorporate digital financial tools into your credit union operations. Most credit union companies are yet to invest in large-scale financial tools or digital platforms.

There is no denying that investing in such digital tools or building them from the ground up is significantly expensive. However, as time passes, these tools and software solutions will become more and more necessary for all banking businesses.

Dedicated Mobile App

Credit unions should also consider developing an app for their business as most youngsters demand it. The majority of young people, including Millenials and Gen Z, prefer using a mobile app for banking instead of using a laptop/tablet.

Automation And AI

Integrating automation tools and using AI-assisted software can also help your credit union. You can use it for implementing things like:

  • Real-time loan approval.
  • Pre-approval of loans.
  • Suggesting personalized savings plans.
  • Recommending ideal banking services.
  • Optimizing marketing capabilities such as direct mail automation.

#5 24/7 Customer Service Via Chatbots

Chatbots are the most convenient way for customers to reach out to their service providers. Although the banking industry was slow to implement chatbots as part of their business model, it has become mandatory. It enables your customers to get their general questions answered within seconds.

As of now, chatbots can only handle simple functions such as answering general queries and FAQs. Some of the processes or operations where the customer can take help from the chatbot includes:

  • Opening accounts
  • Begin new services

It can also be the ideal way to transfer customers to real representatives if and when it becomes necessary. Furthermore, chatbots have no waiting period, which further enhances customer interactions. As a result, credit unions can provide 24/7 customer service.

Offer Personalized Information

It would be best to keep in mind when you implement chatbots for your credit union is personalization. Your chatbot should offer personalized information to the customer linking to their accounts.

If you fail to do so, the whole experience can be frustrating for the customer. The goal is to ensure easy and convenient customer service to your customers. You can not achieve it without personalization. Provide the customer with a set of questions and options and choose the most relevant one.

#6 Community Outreach Programs

Community outreach is an integral part of its marketing operations for credit unions. The significance of community outreach for credit unions is now more relevant than ever. Some of the ways you can use these programs can help your credit union are as follows: 

Solidify Bonds Through Community Outreach 

One of the most significant advantages of community outreach is that it enables credit unions to solidify their binds with existing and potential customers. It even helps you connect with even the younger audience and demographics. 

Connect With Younger Audience

Community outreach is perhaps among the few ways you can build ties with young people even without a significant digital presence. Hence, community outreach programs are definitely among the top credit union marketing trends you should consider.

For example, you can try conducting financial seminars on saving money for college at schools. That way, you get to introduce your credit union to students and its service. You can even try introducing finance services relevant to the financial workshop you are conducting for the student.

#7 Create Consistent And Personalized Customer Experience

With so many financial service options available today, the customer can quickly shift from one bank to another within a matter of minutes. The customer realizes this power they have, and hence they demand the best service from their banks.

There is one way you can ensure the continued business of your existing customers and get new ones. All you have to do is provide a consistent and personalized customer experience to everyone your business interacts with. 

Some of the valuable methods you can use to achieve this goal include the following:

  • Algorithm-Based Pre Approval Of Loans/Mortgages: Getting a loan or mortgage from a financial institution is never easy. But, with the help of an algorithm-based program, you can process and approve loan/mortgage requests well ahead of time. Such a process is ideal for attracting new customers to your credit union.
  • Assigning A Personal Customer Service Representative: Although this may not sound like much, setting a single or personal customer service representative to a customer can significantly improve the customer experience. If possible, you should ensure that a single customer service representative serves the same customer for their whole lifecycle.
  • Use Big Data For Personalization: Using big data for personalization will provide a more consistent customer experience. Furthermore, you can analyze big data for getting valuable insights that you can use to enhance your business’s customer experience.
  • Rewards For Continued Patronage: A good reward program is all you need to maintain a long-lasting customer relationship. However, reward programs for credit unions are unlike other businesses. Hence, you should make sure that you do your research before implementing one for your credit union.

#8 The Growing Share Of Big Banks

One of the credit union industry trends that should be of concern is the growing share of big banks. Today, more and more people choose large banks as their primary financial service providers. The main reason for this shift is the various services and conveniences such banks offer.

Big banks in Canada have access to the latest, most advanced tech and software solutions. They use it to make banking easily accessible to all their customers. It is high time community banks and credit unions wake up to this reality and act now.

The only way to reverse this trend is to make your prospect realize that you can offer the same convenience as the big banks. Furthermore, it would be best to highlight that you can provide the customers with a much more personalized service than big banks. 

#9 Buying Decisions Are Made Sooner

Another major credit union marketing trend is that the customers are quicker in buying decisions. Thanks to all the online resources, most customers make up their decision even before consulting for services.

Under these circumstances, it is not enough that you provide excellent financial services that offer a lot of benefits to your customers. It is about getting that information safely across to the target audience before finding an alternative.

Content Marketing

The best way to make your brand’s voice heard in the digital world is through content marketing. Content can be anything, including blogs, videos, social media posts, and so on. Finance is not something the regular public is well-versed in. Hence, you can quickly gain their trust by being the source of reliable information.

However, to effectively use content marketing, you first need to understand the customer journey and their pain points. Only then can you offer an effective solution that can legitimately help them. The key to an effective content marketing strategy is to help the customer first and foremost.

If you start pitching your services from the get-go, the audience will likely lose faith in your content and, effectively, your brand.

#10 Budget Your Marketing Smarter, Not Bigger

Marketing your credit union business is no longer about how much money you are willing to spend on it. In today’s landscape, credit union marketing is about how you will spend your money on marketing rather than how much.

Digital Over Traditional Marketing

Despite the digital transformation in the banking sector, credit unions are still lagging in innovative marketing. Digital credit union marketing campaigns are always more measurable than traditional ones.

Furthermore, digital credit union marketing is automated for the most part, and hence there is no chance for manual errors. On the other hand, traditional marketing is prone to error, which can further affect your marketing budget.

Time Is Money

One thing that credit unions often fail to consider when it comes to marketing is their time for it. Traditional credit union marketing methods such as direct marketing usually take a lot of time and effort to execute.

Even something as simple as personalization would take hours and even days, depending on the quantity of mail. Whereas digital alternatives merely take seconds to personalize and deliver the marketing material.

However, today, we have software solutions like PostGrid that enable you to automate even traditional marketing such as direct mail. It helps you save time and minimize errors, just like you can in digital marketing.

Test Your Credit Union Marketing Campaigns

Testing your marketing campaigns is the only way to determine whether your marketing strategies work or not. One of the best ways to measure your marketing campaigns is to use an AB test. You can target two groups of your customers with two different types of marketing materials.

After pitching the marketing material, you can measure its response and determine which material resonates better with your target audience. Similarly, you can also try making minor changes to the successful marketing materials, such as trying out different colour combinations. 

You can use this method to optimize all your marketing campaigns, whether it is a digital one or a traditional one. 

#11 Combine The Digital And Traditional Marketing Channels

Credit unions have always depended on traditional marketing channels like direct mail to reach their target audience. Although direct mail has a significantly high open and response rate, it is challenging to implement, especially in high volume.

Now, thanks to tools like PostGrid, credit unions have the option to automate the entire direct mail process. It includes personalization, printing, and delivery of credit union marketing mail. However, what’s interesting is that PostGrid’s system also enables you to combine your digital marketing channels with direct mail.

Multi-Channel Or Omnichannel Marketing

With the help of an automation tool like PostGrid, you can implement a multichannel or omnichannel marketing campaign with relative ease. For example, you can use direct mail’s high open rate as the initial point of the campaign.

Then, once the customer opens the mailer, you can pitch them with an attractive and relevant offer. By providing a QR Code in the mailer, you can lead the customer to your business’s website or landing page, where they fill out a form and buy a service.


Credit union marketing trends are quickly changing, and it is becoming more challenging to keep up with these radical changes. The only feasible solution to stay updated with the latest credit union industry trends is through advanced automation tools like PostGrid.

We saw some very promising credit union marketing strategies in this article. However, the one marketing approach in 2024 ideal for credit unions is automated direct mail. With tools like PostGrid, credit unions can automate their entire direct mail communication.

It means you can automate everything from personalization to mail delivery via Canada Post. Furthermore, it even lets you combine your digital and traditional marketing channels to implement a multichannel or omnichannel marketing campaign.