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