Read the original full article from the Credit Union Times here.
Here is a brief summary of the article:
- Innovation matters for credit unions as it affects member loyalty, brand attractiveness, satisfaction, and product usage.
- Innovation can trigger positive emotions of excitement and fulfillment, leading to increased loyalty among members.
- Credit unions should invest in areas with the most room for improvement and differentiating power, such as reinforcing that they care for members, offering excellent products and services, and rewarding loyalty.
- Social innovation involves making members feel like they belong, adapting products and services to meet the needs of members and the community, and working with them to build or repair their credit.
