The Great Deposit Myth: Why Credit Unions Need New Growth Strategies

With relentless technological advances, generational shifts in employment trends, and upended perceptions of “community”, traditional deposit strategies may no longer work for credit unions. In this episode, we speak with Ron Shevlin of Cornerstone Advisors to explore how fintech has paved the way for credit union innovation. Key takeaways:00.55: A decade-long annual study skewed overly positive when conducted in December 2024, but uncertainty about the regulatory environment would likely see credit union leaders respond much more cautiously now, just a few months later.02.55: The biggest myth credit unions tell themselves is that people are their greatest assets–but credit unions live or die through their digital experiences.03.59: How direct deposit relationships may not be the sticky experience credit unions have traditionally thought–and how fintech have turned that theory on its head through smart market segmentation.07.02: Gen Z and Millennials are more savvy about investing than their older counterparts were at the same age, and fintech are capitalizing on that emerging market.09.36: Community banking isn’t dead, but the “community” now means something else; it’s no longer geographically based. Credit unions need to become smarter about how they cater to those niche markets.13.20: Credit unions have a head start on fintech to secure these markets, because they’re already a known entity with market traction.14.10: How credit unions could learn from SoFi’s success and elevate their product strategy.18.30: Digital experience is a credit union’s product.19.44: Should credit unions be investing directly in fintech, and should their members be concerned if the investments don’t deliver profit?22.12: Embedded finance isn’t just about fintech; large institutions like Walmart and Gerber have been using embedded finance to capture and retain market share for years.Resources Mentioned:www.robinhood.com Robin Hoodwww.chime.com Chimepanaceafinancial.com Panaceawww.hustlfinancial.com Vantage West’s Hustlwww.sofi.com SoFiwww.curql.com Curqlwww.trustage.com/ventures TruStage VenturesThanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.#CreditUnions #Fintech #Lending #GrowthStrategies

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