How Credit Unions Can Use Data to Reach the Underserved

Source: American Banker

Credit unions competing for market share in underserved communities against large banks and challenger financial institutions need to harness deeper data sets to better understand the needs of potential members.

Recent data has found that younger consumers — specifically those in the Generation Z and millennial age groups — increasingly prefer companies like Venmo and PayPal or major banks as their financial intermediaries due to ease of access and advanced technological offerings. This leaves many credit unions at a disadvantage in efforts to reach untapped markets.