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The evolution of consumer expectations has greatly impacted the banking landscape, putting the pressure on banks both big and small to keep pace with the change.
For credit unions, which have gained attention more recently as being the “cool” option for banking, staying relevant in a competitive and growing banking sector means relying on more than just being those liked or preferred by consumers.
In preparation for the upcoming Innovation Project 2017 panel on how banks and digital upstarts are working to attract and keep customers in a more digitally driven banking ecosystem, Kari Wilfong, CFO, EVP of CO-OP Financial Services, and Karen Webster sat down to discuss the role of credit unions and how they are faring.
Credit unions specifically are seen as offering something outside of the traditional banking norm, which Wilfong attributes to the institutions being more socially and community-aligned.
“It seems to fit very nicely with what’s resonating with the social values of the community,” she added.
Though those characteristics may be enough to bring in consumers, credit unions are still faced with the challenge of keeping its members by ensuring they can offer the same caliber of digital financial services being made available throughout the banking landscape.
“You still have to be competitive with your offering regardless by providing relevant services that fit needs,” Wilfong explained. “You can’t be subpar just because consumers like you.”