A state credit union league wanted to help affiliates compete favorably with banks and specialty lenders in the market for personal financial services–auto loans, mortgages, checking, credit cards, and investments. The League also wanted to better understand how technology is changing the way top competitor financial institutions attract and retain customers.
The challenge was to benchmark the existing and innovative services, marketing practices, and use of technology by top competitor institutions, which varied by district. Meeting the challenge would enable the League to help statewide credit unions identify and implement ways to increase revenue and grow market share in the communities they serve.
We conducted primary Web-based competitive intelligence to generate a comprehensive review of current financial products and services available statewide to consumers and ways in which they are marketed by top competitor financial institutions within the league’s designated districts. We analyzed trends, highlighted innovations, and identified actionable opportunities for the League’s credit union affiliates. Meeting the League’s challenge required a customized strategic road map that leveraged competitive intelligence.
Results of our research solution had broad impact on several levels.
LOCAL: Individual credit unions used the results customized by top competitors within their distinct to guide their strategic marketing plans and actions.
STATE: The State Credit Union League successfully met its business goal to help affiliates compete favorably in the evolving market for personal financial services.
NATIONAL: The Executive Director of the League presented an overview of our solution to inspire a national audience of credit union executives.