Consistently bringing new products and services to your members is good; however, understanding how to effectively market them to encourage adoption is even better. How relevant are new offerings if members are not informed about them, their benefits, assured of their security and encouraged to take part?

Credit unions must make note that innovation and strategy do not stop with implementation. Too often credit unions think that members will come running just by saying they offer specific services. They mobilize to expand their product and service availability – moves that should ideally assert their competitiveness in the marketplace, help transition to a more efficient environment and deliver new cost savings – but none of those goals can be achieved without member support.

Take for instance the rise of familiarity with online account opening and person-to-person (P2P) payments over the past two years. Despite the growing knowledge around these services among both credit unions and their members, consumer adoption leaves considerable room for growth. So what is the challenge that credit unions have on marketing new products and services or promoting cross-sale opportunities?