Chrissy Siders, President/CEO of TRUE Community Credit Union, presented at the 2024 CULytics Summit on how credit unions can leverage their inherent strengths and emerging technologies to deepen relationships with members and stand out in a competitive market. Here’s a concise summary of the session:

  • Key Themes:

    • Credit Unions’ Success and Growth: Emphasized the success and growth of credit unions, acknowledging their strong position in member service and community involvement.
    • Market Share Challenge: Questioned why, despite their strengths, credit unions still trail banks in substantial market share and explored strategies for differentiation.
    • Legacy Defining Moments: Introduced the concept of identifying and capitalizing on legacy-defining moments in members’ lives, from birth through major life events to death, as opportunities to deepen relationships.
    • Member Journey Mapping: Highlighted the importance of understanding the full member journey to better meet needs and expectations at every life stage.

  • Strategies for Growth:

    • Turning Behavior into Relationships: Discussed personifying, segmenting, and categorizing member behaviors as foundational steps to transforming transactional data into meaningful relationships.
    • Segment of One: Advocated for treating each member as a unique individual through dynamic data mining, business intelligence, predictive marketing, and integrated CRM interactions.
    • Attentive, Not Creepy: Cautioned against overstepping in personalization efforts, emphasizing the need for sensitivity and respect in using data to anticipate and meet member needs.

  • Conclusion and Call to Action:

    • Siders urged credit unions to read and write their members' stories, using both human insight and data analytics to preemptively fulfill unexpressed needs, thereby creating products and services that delight members.
    • She encouraged moving beyond traditional lifecycle segmentation and product design towards a highly personalized approach, treating every interaction as an opportunity to affirm the credit union’s commitment to serving as a "credit union of one" for each member.

  • Contact Information: Provided contact details for further discussion and collaboration.

The presentation underscored the importance of utilizing generational AI and data analytics to personalize member experiences without infringing on privacy, aiming to craft a differentiated and member-centric approach in the increasingly competitive financial services landscape.

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