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Sharing Successes
When credit unions seek out renewed relevance for their institutions, they often look to rebranding as a way to mean more to members. But how effective are rebrands at driving brand awareness and growth? New data in Adrenaline’s ROI of Rebranding report shows success on both measures, finding that credit unions that the company rebranded outpace industry averages over the past decade, growing more than 8.3% per year, compared to a 7.8% industrywide rate.
Two credit unions featured in the report detailed their data-driven decisions and measures of success. Everwise Credit Union, previously known as TCU, was looking for a way to spur more momentum, seeking a new name and refreshed brand to deepen member relationships, appeal to new member prospects, and differentiate their brand in the market. Tower Federal Credit Union had only rebranded one other time during their decades-long history and was looking for new growth and renewed relevance.
Read more about the success of these recently rebranded credit unions.
Data You Can Use
Of banking leaders say improving data, analytics and insights is their top priority this year
The Story:
Data from the Financial Brand on current retail banking trends and institutional priorities finds that banking leaders are leaning into data to influence how their bank or credit union modernizes to meet consumer needs. More than half of all banking leaders say improvements to data, analytics and insights is their top priority this year, with 27% ranking the effort as their second most important institutional priority. To meet consumer demand for personalized banking solutions, financial institutions must focus on smart data strategies.
The Takeaway:
Institutions looking to create deeper banking relationships should use a data-infused framework to inform customer journeys, since “personalized emotional connections now determine consumer lifetime value more than rates or fees,” according to the Financial Brand. Consumer need for tailored solutions combined with their complex financial lifestyles means banks and credit unions must find ways to deliver “extreme customization at scale” to earn the coveted consumer primary institution of choice, now and in the future.
Source: Financial Brand, “Retail Banking Trends and Priorities Report,” January, 2024
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