John Maxwell says, “A leader is one who knows the way, goes the way and shows the way.” But that’s easier said than done. Trying to “know the way” in the first place is an issue sure to cause many leaders sleepless nights. So, let’s give you a helping hand. Here are three potential threats to your organization and credit union marketing solutions to leverage them to your advantage.
1. Regulatory Churn
Threats from the top are nothing new, whether they are tariff announcements that roil the markets or offering 10% interest caps on credit cards. And while you can’t often control what happens in the regulatory sphere, you can control how you market your brand and benefits to consumers.
For example, the recent 10% cap proposal everyone’s talking about is a great opportunity for credit union marketing promotions on how affordable you make life for members. Maybe you already have a super low credit card rate people would love. Or maybe you can offer personal loans with more affordable rates for spend-heavy seasons (Christmas, back-to-school, etc.).
This might be the perfect time to redefine your brand in consumers’ minds. The popularity of the 10% cap reflects a false belief that financial organizations act out of cold callousness or greed. It’s not true…but how do you convince people of that? Form a brand identity centered on warmth and compassion.
2. Technological Advancements
Progress in the tech sphere is moving faster than ever. AI continues to upturn how people work, interact with organizations and obtain information. Cryptocurrency is finding wider adoption (even among fintechs like Stripe) thanks to the GENIUS Act. More than ever, it’s easy to feel like the dinosaur staring at the asteroid.
The first step is to determine what technology gives your organization the best strategic advantage and find ways to invest in it. Some decide to invest in BankSocial for a crypto wallet catered to giving consumers custody of their digital assets. Others find out it is upgrading core systems or cards. Still others are using AI systems to speed up lending decisions.
But even if you can’t do everything (and you probably can’t), you can educate yourself on the issues and become a trusted resource for consumers. Your content can guide people to make the right decisions when exploring new payment tech. Wise staff can become irreplaceable in consumers’ financial lives.
3. Fraud Galore
Over the course of five years, fraud losses increased 558%. It’s a rampant problem. Scammers now form whole enterprises oriented toward ripping people off. And AI enables lone actors to increase proliferation of their plots.
How can you turn this threat to your advantage? Focus on trust.
In an environment of distrust, trust becomes more important. Showcase your security measures. Increase communication showing you’re up to date on fraud trends and have consumers’ backs. Make identity theft protection part of premium accounts.
Don’t miss the chance to turn threats into advantages with your credit union marketing. And if you need help, book a free consultation. Let’s highlight your benefits to consumers every day.
