Rob Sutherland

 

Today, we delve into the dynamic world of marketing for financial institutions. With a sharp eye on the trends shaping the industry, we explore how credit unions and banks are navigating the challenges posed by interest rate volatility, regulatory changes, technological innovation, macroeconomic shifts, and cybersecurity risks.

From proactive strategies to maintain competitiveness amidst changing consumer behaviors to practical solutions for optimizing online presence and customer experience, discover how Threshold can help financial institutions thrive in the ever-evolving landscape of 2024.

 

navigating interest rates

Interest rate volatility continues to be a pressing concern for credit unions and banks alike. With portfolios sensitive to rate fluctuations, retaining deposits amidst inflation worries is a challenge. In 2024, consumers are reallocating assets, emphasizing the need for proactive strategies to maintain competitiveness. 

Have we piqued your interest yet?  

 

staying ahead of the competition

Changing interest rate environments drive banks to offer more competitive products and services. This shift may draw customers away from credit unions, highlighting the importance of innovation and differentiation in attracting and retaining clientele. By keeping an ear to the street and maintaining a keen awareness of the needs of the customer, Threshold can help institutions stand out and be the change consumers want to see in the world of banking.

 

adapting to regulatory changes

The financial landscape evolves alongside regulatory frameworks. Remaining current and adaptable is crucial for credit unions to operate profitably amidst changing regulations, ensuring compliance while driving growth.  Regulation maintains the nation.  

 

embracing technological innovation

The financial industry is witnessing a surge in disruptive technologies. From AI asset allocation to FedNow payment rails, embracing innovation is essential for credit unions to stay competitive and meet evolving consumer expectations.  Let Threshold help metamorphosize your marketing programs to meet the needs of tomorrow along with today.

 

navigating macroeconomic challenges

Economic downturns amplify risk for credit unions, necessitating proactive risk management strategies. Adapting to reduced loan demand and increased defaults is crucial for maintaining financial stability in turbulent economic climates.  Flexibility is key!

 

prioritizing cybersecurity

Major data breaches have eroded consumer trust in the finance sector. Credit unions, with typically lower IT budgets, face heightened cybersecurity risks. Investing in robust cybersecurity measures is paramount to safeguarding sensitive data and maintaining consumer confidence.  (Financial) health is wealth.

 

strategies to win

 

online account opening.

Simplify the account opening process with digital options, catering to the convenience-oriented preferences of modern consumers.

• A recent Threshold case study found that the presence of an online account opening option resulted in a 34% greater conversion rate and a $500 savings in cost per acquisition relative to banks and credit unions who do not have this functionality. 

conversion optimized website.

Enhance website functionality with intuitive contact forms and clickable phone numbers, facilitating seamless communication with prospective clients.  Keep it easy.

one-click phone dialing.

Prioritize human connection with one-click phone dialing options, offering real-time support to customers seeking assistance.  We’re all in this together.

streamlined application process.

Minimize friction in the application process, optimizing conversion rates by prioritizing intuitiveness and convenience. The more convenient the application process, the more likely customers are to cross the finish line. Simple.

 

before you go.

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about the author.

Rob is a Digital Client Success Manager at Threshold, helping financial institutions achieve their marketing vision through strategic partnership and creative inputs from inception to the finish line.

When not at work, you can find him enjoying the outdoors, exploring new cities, checking out the latest in Austin’s burgeoning food scene, or soaking in some local music or stand up.