Business development has never been easy, and when the pandemic hit, it became even more challenging. But credit unions have adapted by spotting new consumer trends and finding creative ways to keep their business development pipelines open. What’s more, because members are flocking to digital banking, credit unions have been leveraging technology solutions to grow their business development opportunities.
Ted Brown, cofounder of Digital Onboarding Inc. in Boston, said credit unions are essentially sitting on a business development gold mine among their current members, but are not necessarily equipped in the digital age to tap into it. He noted when branch lobbies were closed at the onset of the pandemic, everyone began moving to digital banking, and now that trend seems to be in hyper drive.
“We provide that platform to digitally engage members, providing good recommendations to those members about products and services that the credit