New year. New ideas. This week on CreditUnions.com, we've identified what credit unions will be talking about in 2017.
Here are five data points you need to know.
Members have different needs and various jobs to be done. Therefore, it's unlikely a one-size-fits-all approach or a single product or service is the right solution for every member.
Once credit unions understand what really motivates their members, sending the right message to the right audience becomes a much simpler task. A new approach to member service helps credit unions better understand the underlying needs of members and serve them more effectively. Learn more in "The Secret Behind Member Behavior."
According to a Bankrate report, only 37% of Americans could cover a $500 car repair with cash. A GoBankingRates study found more than 60% of respondents had less than $1,000 in a savings account; 21% had no savings account at all.
Today, there are more than 106 million credit union members, and many of them are under the kind of financial stress that until recent years had largely spared most working Americans.
In "Turn Financial Wellness Talk Into Action In 2017," see how credit unions have recognized this financial need and are taking action.
In 2015, there were 38,300 motor vehicle-related deaths in the United States and 4.4 million serious injuries. In addition, vehicle traffic deaths rank second to poisoning as the leading causes of accidental death in the country.
The adoption of fully automated automobiles offers an attractive promise, however. Remove flawed human decision-making from driving and allow inter-vehicle communication to make roads safe.
To learn more about how automated automobiles threaten to disrupt American society and the credit union business, check out "The Rise Of The Machines."
That's the estimated number of Americans who lost their homes to foreclosure during the Great Recession. Yet, more so than banks, credit unions modified mortgage terms for troubled homeowners. These modifications enabled borrowers to stay in their homes and are an example of how, in the course of doing business, the credit union industry supports communities.
To learn why it's time for credit unions to think differently about how they support the communities they serve, read "Community Reinvestment In The New Year."
In the consumer goods field, approximately one new product idea in 100 selected for development actually makes it to introduction, and only one in 20 of those introduced services survives for more than a year — read another way, approximately 0.05% of new product ideas makes it to year two.
Despite the difficulties in creating a successful product, credit unions must continue to innovate. And only in a culture that celebrates process and smart risk-taking does true innovation take root. Find out how in "Fail, To Succeed."