Over the last couple years, I’ve had more conversations than I can count with credit union and community bank leaders who are laser-focused on growth. And I get it. Growth feels good. It’s exciting to see new member numbers climb, to open fresh accounts, to talk about expansion strategies with your board.
But here’s something we all need to keep in mind: chasing growth without focusing on retention is like pouring water into a leaky bucket.
The truth is that retention is growth. It’s just the kind that compounds over time. When you keep your existing customers engaged by giving them new reasons to stick around and deepen their relationship with your institution you’re building something far more powerful than a bump in monthly numbers. You’re building loyalty. Advocacy. A foundation that supports every future initiative you launch.
So, let’s talk about what it looks like to invest in retention. What’s working? What needs attention? And how can you create stronger, longer-lasting connections with your members or customers?
One of the biggest threats to member loyalty isn’t poor service. It’s irrelevance. Your institution might offer great rates, friendly tellers, and solid community roots, but if you’re not keeping pace with your members’ evolving needs and interests, you’re giving them a reason to look elsewhere.
That’s why relevance needs to be part of your retention strategy. Are you offering the kinds of tools and experiences that reflect how your members live today? Are you evolving beyond the basics to support your users’ broader financial wellness goals?
Many institutions are falling behind not because of poor service, but because they haven’t expanded the scope of their services.
We’ve all seen emails that start with “Hi [FirstName]” and stop there. That’s not personalization. That’s table stakes.
Start using the data you already have to create more meaningful connections. If someone refinanced their mortgage two years ago, check in to see how their rate matches today’s offers or provide tips on home improvements. If someone is saving for a child’s college fund, highlight your educational resources or 529 partnerships. Contextual outreach like this creates real value and shows that you’re paying attention.
We talk a lot about financial wellness, but many institutions still stop at savings accounts and budget tools. Those are important, but they’re just the foundation.
Members are increasingly looking for guidance on how to grow their money, not just manage it. That’s where investing comes in. By offering an embedded investment platform, you can help members take that next step confidently. Whether they’re exploring ETFs, trying crypto for the first time, or planning for retirement, you can make investing accessible, secure, and simple.
Look for a solution that is embedded directly in your digital banking platform so that it’s completely seamless to the user. You don’t want clunky logins or third-party detours to get between you and your user’s experience. When the experience is fully branded and easy to use, it strengthens loyalty while meeting a real financial need.
Loyalty programs aren’t just for retailers and airlines. Your members want to know their commitment matters.
Even a simple tiered benefits program can make a difference. Members who open more accounts, maintain balances, or use digital tools could unlock perks like fee waivers, better rates, or priority service. You can also offer exclusive discounts through local business partnerships like restaurant deals, event tickets, or access to community events.
These perks are small gestures, but they go a long way in making members feel valued.
One of the most powerful things about credit unions and community banks is, well, the community. You’re not a faceless megabank. You’re local. You’re rooted. You’re connected. But are you fully using that to your advantage?
Retention thrives when members feel a genuine connection to your brand. Host in-person and virtual events that bring people together. Think financial workshops, retirement Q&As, small business spotlights, or community service days. Even better, invite members to help shape the agenda.
When people see that their voice matters, they’re far more likely to stay loyal.
Surveys are useful, but they shouldn’t be a one-way street. If members take the time to give you feedback, show them you’re listening.
Use short, well-timed surveys after key interactions like loan applications or account openings. Then follow up with “You asked, we delivered” updates that highlight changes you’ve made based on their input. This creates a sense of transparency and builds trust over time.
Let’s face it; your mobile app isn’t just competing with other banks. It’s competing with every other app on your customer’s phone.
If your digital tools are clunky or outdated, members are more likely to disengage. But if your app is fast, intuitive, and offers helpful tools like savings goal trackers or investing dashboards, you become a daily habit.
This is another reason institutions choose a modern investing platform-as-a-service. Look for an investing platform that integrates directly into your existing digital infrastructure, whether you use Alkami, Q2, or JackHenry. The result is a clean, modern experience that gives members everything they need without bouncing between apps.
Too often, new product rollouts are focused on the product itself without explaining why it matters to the member.
That’s why investing tools are becoming an essential part of the modern digital banking experience. They give members a way to build wealth over time, on their own terms. Whether it’s fractional shares, ETFs, digital assets, or precious metals, today’s investors want flexibility, choice, and ease of access.
When investing is integrated directly into the digital banking platform, not offered through a separate app or redirected to a third-party site, it becomes a natural extension of how members already manage their money. It reinforces your institution’s role in their long-term financial journey and helps strengthen that relationship over time.
Retention is not what happens after acquisition; it’s what makes growth sustainable.
When you keep members engaged, satisfied, and progressing in their financial lives, they’re more likely to stay, more likely to bring additional business your way, and more likely to tell others about their experience.
At Unifimoney, we believe credit unions and community banks are uniquely positioned to succeed here. You already have the trust. Now is the time to expand what you offer and deepen the value of those relationships.
The above does NOT constitute an offer, solicitation of an offer, nor advice to buy or sell specific securities. The opinions listed above are not the opinions of Unifimoney Inc. or Unifimoney RIA, Inc. but represent the opinions of independent contributors. These contributors may or may not hold positions in the stocks discussed. Investors should always independently research any stocks listed and form their own opinions, while recognizing that any investments made may lose value, are not bank guaranteed and are not FDIC insured.
