Episode 87 - Guest Sam Paxson Talks Member vs. Product Centric Approach to Growing Your Credit Union or Community Bank

In this engaging podcast, Meredith Olmstead, CEO of FI GROW Solutions, speaks with Sam Paxson, founder of the Power & Light Collaborative and a seasoned expert in the credit union industry. They explore transformative strategies for banks and credit unions to shift from product-centric to member-centric models, focusing on leveraging digital tools to align services with member needs and behaviors for enhanced engagement and growth.

Key Takeaways:

• Embracing Member-Centric Strategies: Sam discusses the critical shift from evaluating product line performance to understanding member engagement and the lifetime value of members, advocating for a strategy that focuses on member needs rather than just financial products.
• Data-Driven Member Engagement: Utilizing behavioral data and digital tools to customize interactions and offerings, which helps in actively engaging members based on their interactions and preferences.
• Re-engagement through Digital Innovation: The importance of digital tools in reactivating dormant members and enhancing the member experience, ensuring that members fully utilize available financial services.