The rise of digital technology and marketing are moving faster than anyone could have imagined a few years ago, and credit unions for the most part are adapting to the changes. For those who are still resisting, here are a few tips to help you change your mind and engage consumers in the way they are expecting to be engaged in 2016.

1. Big Data – Big data can help credit unions delight their members and increase profits in the process. It's a smart tool that every credit union marketer can—and should—be using right now. Several studies have shown that data-driven programs can greatly increase profits. A Nucleus Research study found that businesses can achieve a 241% ROI increase by applying data to business decisions.

With big data, you can reactivate old members, retain existing members, create cross-selling and onboarding programs, and start posting more profits. The business opportunities are endless, but it's not something that is put in place overnight.

Diane Bauer of Bauer Consulting in Los Angeles, CA, said, “Big data is a technology that has great business value but still not well understood. They need to take the time to talk to experts in the field and truly understand how to maximize big data. Credit Unions have the opportunity to leverage better and deeper connections with their members, but credit unions should not be afraid to seek help in figuring out big data or data analytics from the experts. There is a lot of information to be sorted thought, but in the end it's worth the investment.”

2. Social Media is still Hot- The credit union industry is expected to continue investing in social media marketing over the next five years, according to eMarketer, and research from Duke University's Fuqua School of Business revealed that financial marketers are allocating around 4% more of their marketing budgets to social media in 2016 than last year.

Filene, has identified distinct social media personality types in their report, From Presence to Purpose: Developing Social Media Strategies and Metrics for Credit Unions. In the report, 40 % of credit unions are described as social media “Monogamists”—that is, they exclusively make use of one platform (e.g. Facebook) to engage their target audience while completely ignoring other mediums (e.g. Twitter and Instagram). Another 27 % of credit unions are “Integrators,” who establish a presence on multiple social media platforms but post the same content throughout and, thus, create an integrated presence.

The most successful group—known as the MacGyvers (7%)—utilizes social media to its full potential. Derived from a popular 80s television series of the same name, MacGyver credit unions are creative, resourceful, and capable of engineering tools that serve the unique needs of their members. Specifically, MacGyvers:

• Maintain an active presence and frequently engage social media users
• Provide valuable, rich content that differs from platform to platform
• Use words such as “we” and “us”
• Post from the perspective of a human rather than an organization

Fun can also make a difference in social engagement and your bottom line. You don't have to go over the top, but marketing videos such as the $1.7 billion Affinity Plus Federal Credit Union's 2011 video to entice consumers to switch from a bank to a credit union brought a lot of attention- and business to this St. Paul, MN, based credit union.

3. Digital vs. Physical – Market Force Information found that 72% of consumers whose credit union offers a mobile app have downloaded it, an increase of 7% compared to 2014. Those in the 18-24 year-old range are the most likely to have given their institution's mobile app a try, at 93%, but there are increases across all age groups. In fact, nearly half of those over age 65 say they have at least downloaded the app offered by their bank or credit union.

The most prevalent app activities are checking balances, checking payment history and transferring funds. Very few are using the app to apply for new bank accounts or withdraw emergency cash.