This article originally appeared in Bank Automation News.
Red Rocks Credit Union is looking to consumer feedback before adding to its product set. “A lot of times, what we’re guilty of doing [in the industry] is assuming we know the needs of the consumer, rather than simply listening to and asking them what their needs are,” Chief Executive Darius Wise told Bank Automation News.
The $330 million credit union's latest report found that consumers want alternative sources for financial advice. The Colorado-based credit union surveyed 300 Colorado adult residents on July 10 and 11 via online survey platform Pollfish.
When looking for financial advice, responses indicated:
- 58% rely on family and friends;
- 38% use a chartered financial analyst; Darius Wise (Courtesy/Red Rocks Credit Union)
- 38% tap banks;
- 10% listen to podcasts;
- 8% use Al tools or ChatGPT; and
- 7% look to social media.
"What this means for us is that people are looking beyond traditional financial institutions [for advice]," Wise said. "That means that we've got an opportunity to provide, to be that trusted partner" for customers.
Results spark innovation
With customer demand for financial advice in mind, Red Rocks can begin adding to its product set.
"The whole impetus [of the survey] was getting a feel for what the consumer needs were," Wise said, noting that personalized financial management is one area to target.
"Then I think about Al-driven solutions, there is an opportunity for us to provide trust," he said. "We are not there yet."
However, in the next 12 to 24 months, the credit union plans to add more client-facing Al-driven solutions, Wise said.
Other credit unions, like Mountain America Credit Union and University Federal Credit Union, are also investing in FinAI capabilities to meet client demand.
Red Rocks' modernization
Red Rocks is enhancing its digitalization and modernization, Wise said. The credit union has 50 employees and had an efficiency ratio of 86.4% in the fourth quarter of 2024, according to Bank Automation News Efficiency Ratio Database.
In fact, it has switched core providers to Keystone Corelation and also selected lnterface.ai as its Al provider, Wise told BAN.