I viewed a webinar put on by VISA last week. The title was “Trends and Implications in a Challenging Environment,” and the subject matter referred primarily to consumers.

According to the Webinar hosts, consumers are rethinking their approach to life and re-prioritizing what has meaning; they are less material-minded and are carefully planning their spending. In doing so, they are open to the concept of value beyond the price tag.

The Webinar also discussed a new focus on paying down large amounts of household debt and a populace that is more responsible and re-evaluating who they trust.

Some of VISA’s conclusions:

1. Messaging (of products and services) should emphasize the long-term.
2. The message should be compelling and communicate the value of the products and services.
3. Consumers are not pessimistic; rather, they are realistic about the future.
4. Attitudes about technology are changing, and it is only important to the extent that it is practical to their lives.

If these thoughts are on target, how are credit unions responding? How should they?

I think there are some pretty obvious clues given off by the consumer, and they all point to credit unions as a bona fide contender to provide solutions being sought.