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How credit unions can adapt to consumer habits in 2021

Sercle Team


The Covid-19 pandemic saw our day to day lives restricted and dramatically changed consumer behaviour overnight. Many people continue to face financial hardship and long-lasting consequences due to the pandemic. As a result, credit unions should consider adapting their offering. It’s important to support post-Covid consumers and their financial needs.

Instant communication

During the pandemic, 35 percent of customers increased their online banking usage1 which offered quick results and updates on finances wherever, whenever.

Currently, mobile messaging apps are the second most used type of app (55%) amongst millennials. On the other hand, the Gen Z demographic spends 71% of digital media time on apps2.

This increase in consumer screen time signifies the importance of investing in a digital offering. Empower the next generation of members and meet their needs, rather than ignoring their existing online banking habits.

The Sercle App, powered by Nivo, empowers credit unions with a fast, safe and cost-effective communications channel. It allows credit unions to stay accessible to members and applicants 24/7.

With built in automation it ensures a fast and efficient way for members to sign up and apply for loans, whilst instant messaging functions allow credit unions to maintain a human touch with their members.

Increase security

The FBI recently reported a 400% increase in cyberattacks since the start of the pandemic3, as fraudsters preyed on those most vulnerable and socially isolated.

Now 62% of customers say they’re more afraid of their data being compromised than they were two years ago4, which highlights the importance of data protection and security amongst members in the current climate.

The Sercle App allows credit unions to engage with their members as easily as sending a message. They can also collate sensitive documents via a secure platform and keep their members protected from fraud. This means that credit unions no longer have to rely on the slower and unsafe channels.

Mitigate risk

With around 80 percent of low income families financially worse off due to the pandemic5, credit unions need to ensure they have access to vital member data and a robust strategy to mitigate risk to provide measured and affordable lending to their members..

Through our offering of CUFA’s data analytics, our credit union partners can determine the risk profile of loan types, calculate risk-based pricing, prioritise collection of loans, enhance the risk management of loans, inform loan underwriting and create custom reports, all driven through their own data.

Credit Kudos also helps credit unions to mitigate risks with real time data and insight into their members’ creditworthiness.

As a credit reference agency, with an Open Banking connection to UK banks, our credit union partners can reduce risks and make informed and meaningful decisions about lending to its members.

Our partnerships can help to future proof your business in a post-Covid financial landscape. Find out more about how our partnerships can help you to make more responsible and informed decisions.

Sercle supports a range of financial organisations across the UK, including Glasgow Credit Union and Celtic Credit Union, to empower their members everyday.

If you’re a credit union, get in touch today!