As we move toward an increasingly digital age where people uproot and relocate routinely, it’s become integral for banks to meet their customers’ specific, ever-shifting needs.

Credit unions are at an especially unique advantage to exceed new banking expectations and even perhaps outperform traditional financial institutions.

What makes credit unions unique

What gives credit unions a competitive edge over traditional legacy banks is its community-based nature.

Already catering to a small, targeted consumer collective, credit unions are able to more easily tailor-fit services that their customers trust and value.

For example, credit union consumers can access specialized financial advice online far more easily than they could through a larger bank. By creating a digital experience that’s as personal and useful as an in-branch experience, credit unions are better equipped to meet those changing customer needs.

New lending opportunities

More than ever, credit unions are perfectly positioned to help consumers make smarter, more intentional lending decisions.

Tapping into the unsecured personal lending market has solved for the needs legacy banks have historically refused to meet. 

Credit Unions have cultivated a huge advantage for this reason—by abundantly providing the unsecured loans their customers want, they destigmatize the need and foster an unwavering relationship of trust.

Maintaining loyalty

Retaining that customer loyalty is another challenge that credit unions seem to have advantage over other financial institutions in a digital age.

In a highly competitive market where consumers have a wide spectrum of options, proving continued, superior value can be difficult.

For credit unions, their personalized services are unparalleled.

Credit union customers stay because they receive the value they need, when they need it.

Data in financial decision-making

Credit unions, alongside FinTech, are leveraging AI to better inform their decision-making processes.

By integrating machine learning into their underwriting technology, these kinds of institutions are able to identify and supply more loans to their communities than they were able to before.

This digital culture offers credit unions vast opportunity to rise to the top of their industry and make larger impact for their communities.