What keeps a member loyal to their Credit Union today?
Is it the promise of better rates? Familiar faces at the branch? Or has the path to loyalty quietly shifted - redefined by how easy a company is to do business with, or if problems can be solved in just a few taps?
Credit unions build trust through personal service and community ties. But in a digital-first world, those traditional strengths now have a powerful new counterpart: convenience. And not just in transactions, but in moments that really matter - buying a car, consolidating debt, investing for the future.
The ability to deliver meaningful, seamless digital experiences - has become essential to building deeper, more durable member relationships.
What the Data Tells Us
While credit unions excel in transactional services, significant financial decisions often prompt members to seek institutions that offer both trust and digital ease. According to Raddon’s Performance Analytics, the average loan share of wallet for credit unions is just 31.3%, while the average deposit share is only 32.4%. This means that nearly 70% of members’ financial relationships are happening elsewhere.
The Power of Intent-Based Engagement
To truly increase wallet share, credit unions must seize the opportunity to engage members not just when they’re moving money - but when they’re making moves. These high-intent moments - applying for a loan, seeking financial advice, or consolidating debt, are when members are most open to deepening their relationship. Offering a fast, clear, and guided experience in these moments earns more than a transaction. It earns trust.
By contrast, many cross-sell efforts still target passive users during routine transactions. While well-intentioned, those efforts often fail to connect with a member’s immediate financial goals. Instead, focusing on engagement-driven personalization - making it easy to take the next step when the member is already leaning in - creates far greater value.
The Path Forward: Smart + Simple
To foster loyalty and deepen member relationships, credit unions should:
Invest in intuitive digital platforms: Ensure that online and mobile banking services are user-friendly and meet members' expectations.
Leverage data for personalization: Use member data to offer tailored financial advice and product recommendations.
Streamline onboarding processes: Simplify account opening and loan applications to reduce friction.
Maintain the human touch: Use digital channels to enhance, not replace, personal interactions.
Conclusion
In an era where digital convenience is paramount, credit unions must evolve to meet members' expectations. By combining personalized service with seamless digital experiences - and showing up in the moments that matter - they can foster deeper loyalty, grow share of wallet, and remain competitive in the financial landscape.