Research study identifies highlights challenges and strategies in maintaining strong personal engagement as consumers turn toward digital-first experiences.
HERNDON, Va. , June 13, 2024 /PRNewswire-PRWeb/ — Leading research and experience management firm Sogolytics has released an original study examining the impact of digital transformation on the financial services industry, with a specific focus on credit unions.
“A core strength of the credit union movement is enhancing the member experience through personal engagement and dedicated service. In this competitive environment, credit unions must continually innovate and leverage technology to maintain their exceptional service standards.”
Across the board, the credit union movement is known for prioritizing close relationships with their members and communities. As younger consumers search out digital-first experiences, though, the challenge to remain both relevant and attractive to new members requires credit unions to balance their strategic goals.
This study includes data from both 2023 and 2024, highlighting shifts in consumer expectations in the rapidly evolving financial services landscape, and identifies strategies for credit unions to use moving forward.
One strategy highlighted in the study is building trust. However, study results also show that credit unions suffer from consumer misconceptions. For example, among respondents in the 2024 cohort, 37% believe that credit unions offer less than banks – although both types of institutions offer full suites of products and services. In the same group, 20% of consumers mistakenly believe that credit union deposits are not insured.
A few additional study findings to call out:
30% of participants indicated they were somewhat or very likely to consider switching institutions.In 2023, 74% of young adults found trustworthiness important in a financial institution, whereas only 60% prioritized it in 2024.In 2023, 13% of young adults identified social media as a source of financial advice, a number which jumped to 34% in 2024.In 2024, only 11% of consumers prefer to bank at an ATM, down from 15% in 2023.
Sogolytics CRO Haris Azmi noted the value of these findings across industries. “A core strength of the credit union movement is enhancing the member experience through personal engagement and dedicated service. However, as the digital landscape evolves, it’s becoming easier for all organizations to offer hyper-personalized experiences. In this competitive environment, credit unions must continually innovate and leverage technology to maintain their exceptional service standards.”
This report incorporates data from similarly sized groups of American consumers in both May 2023 and April 2024, balanced to ensure a census-representative demographic scope.
To read the full report, click here. To learn more about how Sogolytics works to help organizations to collect their own data and uncover insights from their most important audiences, connect here.
About Sogolytics: Sogolytics stands at the forefront of experience management solutions, empowering businesses to efficiently capture, analyze, and act upon customer and employee feedback. Committed to innovation and driven by a dedication to its clients, Sogolytics is reshaping the landscape of customer and employee engagement. For further information, please visit Sogolytics.com.
Media Contact
Melissa Krut, Sogolytics, 1 7035429624, mkrut@sogolytics.com , https://www.sogolytics.com/
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SOURCE Sogolytics
