Sarah. Cooke, Thursday, February 4
On our recent Ser Tech Live Sessions webcast, we had the chance to talk with Melina Palmer of The Brainy Business about the consumer psyche as it stands today. Countless people have been affected by the events of 2020, so the way they think is not the same as it has been in the past. Moving forward into 2021, credit unions must pay closer attention to what their current and potential members are thinking.
To begin understanding consumers’ minds, credit unions must first understand how the brain actually works, and the truth behind this organ’s inner workings may just surprise you. Our brain is divided into two states of being that constantly fighting for control: the conscious and the subconscious.
What you may not realize is that the conscious part of the brain doesn’t have as much power over our thoughts as we think.
In fact, it is estimated that only .001% of our brain’s processing power is on a conscious level!
In the battle between conscious and subconscious, the subconscious is the part that is winning most of the time, so much of what we think and do occurs on a deeper, instinctual level of our inner programming.
Looking Forward to 2021:
Often when we make choices, we are biased toward the status quo. We like predictability, and a lot of the decisions we make are based on what we’ve done in the past. However, when the status quo that we’ve counted on is upended, which is what happened in 2020, change occurs.
For credit unions, this presents an opportunity.
People are now doing things they’d never dreamed of before, such as setting up home offices. The needs and trends we saw in 2020 are continuing into 2021, so providing the services people need and want will allow you to build relationships with consumers that can last for years to come.
Be sure to keep these points in mind when reaching out to your credit union’s members and potential members:
This can be the year your credit union grows and expands like never before, but only if you take the time to fully understand who you are working with and what kinds of things are top of mind for them. To learn even more about the consumer psyche, watch the full Ser Tech LIVE webcast by clicking here.