The way Canadian consumers interact with their finances is evolving. More than ever, individuals are engaging with multiple financial providers, using a mix of traditional banks, credit unions, and fintechs to meet their needs. The opportunity exists for Canadian credit unions to not only keep pace, but to lead by leveraging their strengths: trust, service, and deeper member relationships.
In our recent webinar, Collabria welcomed Velera to highlight their extensive research and explore how payments can serve as a powerful tool to strengthen member engagement, deepen relationships and drive long-term growth. Here are the key takeaways.
Fintechs have made everyday transactions seamless, but credit unions still have an opportunity to lead. By prioritizing convenience and value in payments, credit unions can deepen relationships and reinforce trust.
Carrie Stapp, VP of Marketing at Velera, shared that members turn to credit unions for financial guidance – ensuring that engagement extends beyond traditional touchpoints is key to long-term loyalty.
Positioning credit cards as a payment tool rather than a credit product is a mindset shift that can strengthen member engagement. As Greg Feniak, Chief Marketing Officer at Collabria explained, every transaction is an opportunity to build engagement. When credit unions make payments simple, rewarding, and part of members’ daily financial habits, they stay at the centre of their financial lives.
Credit unions that focus on three core areas will be best positioned for long-term growth:
The insights from this webinar highlight a significant opportunity for credit unions to lead with payments – driving members engagement, deepening relationships and growing long-term value.
Are you a credit union partner wanting to dive deeper? Watch the full webinar here.