As you now well know, credit unions have the upper hand over larger financial institutions in the most impactful of ways. Given their lower fees, better savings rates, superior customer service and greater personalization with financial products, the benefits are clear. 

When credit unions ensure their members are satisfied and well cared for, they benefit from membership growth and higher liquidity, among other perks. 

As credit unions brace for a potentially challenging economic environment and complete their 2023 strategic planning, let’s walk through various ways they can ensure they’re caring for members to the highest degree. 

Excellent, Personalized and Transparent Service

One of the biggest consumer draws to credit unions is that they are approachable and offer personalized and transparent services. Thus, this should remain a steadfast foundation for credit unions in the coming years, especially amid economic volatility, which not only affects financial institutions but their members as well. 

In contrast, national banks can have a cold and formal facade, miles of red tape and other complex structures that keep customers from getting quick and customized banking solutions. 

This is where credit unions can continue to forge the distance between themselves and big banks. 

Focusing on High Yields and Low Rates

Another way to meaningfully serve members is to continue offering savings products with high yields, and loans with low rates as compared to larger banks. This will entice borrowers to gravitate toward CU product offerings in an attempt to keep more money in their pocket – a particular concern given ongoing inflation and rate hikes. 

A focus here will be instrumental to positively impacting CUs’ liquidity and membership numbers. 

Diverse Product Offerings

Sometimes, big banks win consumers over with their large menu of product offerings. However, credit unions have the opportunity to offer a similar range of banking services. 

Many credit unions specialize in a certain financial product, though it’s also worthwhile to offer a slate of other offerings like credit cards, SBA loans, commercial real estate loans, renewable energy loans and others. Extensia Financial is a seasoned financial partner that helps credit unions successfully diversify their portfolios

With more diverse product offerings, credit unions can support a greater number of financial needs, without losing business to national banks. 

Partnering with the Right CUSOs

As mentioned above, it’s important for credit unions to offer a range of diverse financial products in order to attract and retain members. 

However, expanding product offerings solely in-house may be beyond a CU’s current capacity. Partnering with a Credit Union Service Organization (CUSO) like Extensia Financial means they can get the back-end support they need to efficiently fulfill these additional services. With the service delivery taken care of, credit unions can focus on all the other aspects that they do best. 

By partnering with Extensia, credit unions can deliver fast, competitive and personalized loans to effectively serve their members. 

 

About Extensia Financial

Established in 1998 and headquartered in Simi Valley, CA, Extensia Financial is one of the most seasoned credit union service organizations (CUSO) focused on commercial lending. For decades, we have partnered with credit unions across the country to offer competitive and collaborative loans. We also uniquely support and guide our partners through the entire lifecycle of our loans. Extensia Financial is a proud member of the AVANA Family of Companies.

Contact us today to learn more about becoming an Extensia Financial partner.