You know the numbers. In just the first three quarters of 2021 the NCUA approved 117 mergers and there will be more this year. In the mix is an ever growing number of credit union acquisitions of banks.
Here's the million dollar question: post merger how many members (or bank customers) will flee to a new institution. If you are going to have to learn how to deal with a new institution, why not make it a completely new institution?
Hmm.
Then I saw an article by Glia CEO Dan Michaeli in Credit Union Times that put out an entrancing thesis: "Credit unions undergoing a merger can benefit from modernizing member service with a digital-first approach.."
What if?
What if you not only can lose fewer members but get more wallet share?
Just maybe, says Michaeli, you can do exactly that.
In this podcast he talks about the 2022 credit union imperative to master digital member experience.
It no longer is nice to have. It's an authentic must have and do.
Incidentally, Michaeli also believes that a good member digital experience can help boost employee satisfaction. That's news you want to know in the era of the great resignation.
You say you think you heard Michaeli on this podcast before? Bonus points are yours. Episode 115 was his first appearance.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto