CUs need to focus on digital growth plan

The 2017 State of Digital Growth for Financial Institution’s report points out that credit unions don’t have a viable plan in place. The report shows that more than half of credit unions and banks say they have a plan, but don’t actually seem to be situating themselves for digital growth.

Of 262 survey respondents, 71 percent were credit unions. The report also found that only 12 percent of respondents have budgeted for digital growth and suggested that these institutions, on average, should allocate 30 percent of their total marketing budget for digital marketing.

An article in Credit Union Journal pointed out there is a discrepancy in what financial institutions “claim” is their digital growth plan compared to what their “actual” growth plan is due to self-reporting bias.

“Credit unions are looking for digital growth, but they are doing so without a defined plan,” said Digital Growth Institute’s CEO James Robert Lay, referring to his firm’s 2017 State of Digital Growth for Financial Institution’s report. Read the full story here.