‘CU Crossroads – 5 Questions Series’ sponsored by CU Rise Analytics is an attempt to bring insights from the Credit Union Industry Thought Leaders to help plan for the future.
We interviewed Rick Weber, President & CEO of CBC Federal Credit Union for the series third video release. The topic of discussion was ‘Financial Products’. Watch the video to find what he has to say about evaluating and adjusting financial products for the members in today’s changing times. The following were the key takeaways from his interview:
- Make streamlining online experience a priority – put fast, easy access to products and services at members’ fingertips.
- Look for product inspirations outside the credit union industry, and determine the relevant applications for your membership.
- Regularly evaluate how to update products to reflect the current environment. Constantly take the pulse of what members want, and be prepared to adjust accordingly.
- In the current environment, people are looking to support their local businesses – even if its online. Make sure your CU has a strong local brand and presence.
- CUs will likely “rightsize” their branch footprint. While some branches may close with less traffic, CUs will still look to open new branches in communities where there is a need for a local financial institution, or where they’ve already gained traction online.