Hundreds of credit unions are reshaping their product roadmaps to boost deposit growth by leveraging their community affinity and prioritizing digital experiences that resonate with millions of members, especially the younger generations. New, popular solutions allow credit unions to reach younger, more engaged members, empowering them to achieve financial wellness and make an impact in their community through everyday banking.
As credit unions head into 2024, they're placing an increased emphasis on deposit growth and member engagement. Despite reporting robust loan growth in 2023 and the beginning of 2024, credit unions have encountered challenges with deposits, which could pose long-term hurdles unless they effectively connect with millennial and Gen Z members.
Notably, the average credit union member is in their mid-50s, and about 75% of credit union deposits currently come from older members. With the top 20 banks dominating the deposit market share, credit unions face difficulties in attracting younger members who favor offerings from national banks. This is where Spiral, CUNA (America’s Credit Unions) award-winning platform, comes in.
Spiral empowers credit unions to engage millennial and Gen Z members through personalized digital banking and community impact. By seamlessly integrating with digital banking and core systems, Spiral enables credit unions to unlock powerful features that align with the values of younger members. Spiral assists credit unions in supporting their members' personal finance journeys, enhancing their financial well-being, and facilitating easy support for causes close to their hearts — all from within their banking accounts.
Benefits For Credit Unions And Their Members
Spiral introduces cutting-edge solutions that directly address common goals among credit unions, including:
- Elevated deposit growth and card usage
- Enhanced member engagement
- Increased revenue
- Top of wallet and primary financial institution status
- Improved financial health among members
- Deepening relationships with existing members
Within the first 90 days of account opening, individuals who used Spiral’s features had:
- Up to 3x higher deposits
- Up to 30% increase in digital engagement
- Up to 3.6x increase in monthly card transactions
In addition, Spiral noticed up to a 65% reduction in digital account acquisition cost for a fully funded account. Within the first few months of introducing Spiral products, it was acknowledged as a fintech leader for the advancement of credit unions by winning the “Best-in-Show” award at CUNA's Operations & Member Experience Council Conference.
Seamless Integration
Spiral has established partnerships with the leading digital banking and core systems such as Jack Henry, Q2, Lumin Digital, NCR, and others, allowing their credit unions to seamlessly unlock Spiral’s turnkey products within their own banking environments in no time.
When a credit union partners with Spiral, they can choose from the following solutions.
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Everyday Impact™: Members can round up purchases to save for important life events and support causes of their choice with each purchase.
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Giving Center: Members can manage all their charitable donations through their credit union and easily support their favorite charities. local or national). Credit unions can also raise funds for local charities and attract nonprofit business members.
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Giving Accounts: Credit unions can offer tax-advantaged Donor Advised Fund Accounts.
Spiral offers a wide range of impact areas for credit unions to choose from so they align with their mission and the communities they serve — whether it’s planting trees, feeding the hungry, or supplying clean water to those in need. Spiral’s network, which includes more than 1,000 nonprofits, coordinates connections between credit unions and nonprofits to ensure streamlined relationships and successful implementation.
The Future of Credit Unions
Adapting to ever-changing member behaviors and technological advancements will only help credit unions achieve their deposit growth goal, contribute to the financial well-being of their members, and make a positive impact on their communities. That is why so many credit unions and other community financial institutions are prioritizing platforms like Spiral to increase their deposit growth and win the battle for the younger, more engaged members.
By implementing these types of digital experiences, credit unions are amplifying and strengthening their common mission of people helping people and empowering their members to achieve financial wellness and make an impact in their community through everyday banking.
What's Next?
At Spiral, our mission is to enable more credit unions to grow deposits and increase engagement through personalized banking and community impact, working towards a better world.
To learn more about how we can help your credit union thrive, book a customized demo with us.
