<\/em>By: <\/em>Ed Wolfe, JMFA Executive Vice President<\/em><\/a><\/p>\n
After more than a year of limitations on travel, cancellation of group gatherings and restrictions on community interactions, consumers are ready to get back to pre-pandemic life. For many, this means increasing their spending to recoup the purchases and experiences they missed in 2020. According to a report by McKinsey & Company<\/a>, more than 51% of U.S. consumers expect to spend more to treat themselves after months of pandemic fatigue.<\/p>\n However, this can be troublesome for individuals whose jobs were impacted by business closures or reduced hours\u2014or who weren\u2019t able to build a savings buffer over the past year. In these situations, the temptation to \u2018revenge spend,\u2019 as the trend is being called, can lead to financial difficulties that will negate the temporary joy of a COVID-19-recovery spending spree.\u00a0<\/p>\n Community credit unions have gone the extra mile throughout the pandemic to improve the member service experience and support ongoing\u2014and sometimes changing\u2014financial needs. As the recovery gets underway, there is still a great deal of need among consumers regarding their financial well-being. At the same time, expectations for exceptional service standards remain high.<\/p>\n As the uncertainty continues, here are five areas to consider that can strengthen your member relationships while alleviating some of the stress they are feeling about maintaining financial wellness.\u00a0<\/p>\n <\/em><\/p>\n A fully disclosed overdraft service reduces the stress caused by a financial shortfall for your members, leading to stronger relationships. And, when it is maintained correctly, it can be a catalyst to help you grow your business. \u00a0<\/p>\n JMFA can provide guidance on many areas that might be impacting your results or raising compliance concerns. We are available to develop a customized strategy to help you meet or exceed your performance and service goals with confidence.<\/p>\n <\/p>\n ABOUT JMFA<\/strong><\/em><\/p>\n JMFA<\/a>\u00a0is one of the most trusted names in the industry.\u00a0Focused on account holder communication, transparency and 100% compliant overdraft service.\u00a0JMFA can help you deliver measurable results with proven solutions. To learn more, please\u00a0contact Derrik Mather\u00a0<\/a>or call us at (800) 809-2307.<\/p>\n <\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n ","protected":false},"excerpt":{"rendered":" [et_pb_section fb_built=”1″ _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_row _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”2px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.4″ _module_preset=”default”][et_pb_text _builder_version=”4.9.4″ _module_preset=”default”] Consumers need advice and services they can trust when they overspend or face unexpected expensesBy: Ed Wolfe, JMFA Executive Vice President After more than a year of limitations on travel, cancellation of group gatherings and restrictions on community interactions, consumers are ready […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/3504"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3504"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/3504\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Based on account activity, are you able to position additional products to your members? Do you have a systematic process for offering a link to savings or line of credit? Can your team easily determine if there is a need for account management counseling?<\/li>\n<\/ol>\n\n
Do your members clearly know how their transactions are handled if they have a brief financial shortfall? Are they aware of the different overdraft protection options available to them?<\/li>\n<\/ol>\n\n
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<\/em>Transparent, member-focused service yields more balanced results. <\/em>As the desire to return to normal grows, ensure you\u2019re providing valuable services and advice that can help your members avoid risking their long-term financial well-being.<\/p>\n<\/li>\n<\/ol>\n![\"\"](\"http:\/\/www.ncultheaffiliate.com\/wp-content\/uploads\/2015\/01\/CUA-JMFA.jpg\")
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