In this series, we ask top industry execs and marketers across the country about their biggest fears and concerns. What is making marketers toss and turn? This week, we caught up with Matthew Seagrim, chief digital and marketing officer (CDMO) for Meridian Credit Union. In the role, he is responsible for spearheading and advancing Meridian’s multi-year corporate strategy, “Meridian for Good,” across data, digital, IT and marketing functions, which includes both enterprise deliverables and cross-functional support. 

What is keeping you up at night these days?

I go to sleep thinking really about how we can live our purpose, which is helping our members achieve their best life. A few months ago, we conducted some research to really understand how Canadians are feeling about their finances, and some of the results were troubling. We found that about three quarters of Canadians are really worried about their finances. Nearly a third were losing sleep as well over their financial worries and…we talked (to) people who were in Gen Alpha or Gen Z. So for us, as a member-owned financial institution, our role is really to be a trusted financial partner and to help our members get access to that money and advice that they need so they can be financially confident, so they can sleep better, and then I can sleep better.

So this is an environment of inflation uncertainty. Is this actually a good time to be a credit union right now?

We think this is a tremendously good time for us. You know, one of the things that we’ve seen over the last few years is the decline in trust and satisfaction with our Big Five banks, and many of them have been in the news in the last months for less than positive reasons. And the challenger financial institutions have been the ones that have really been benefiting from big banks often treating their customers like numbers instead of people. So for us, we were really leaning into that. And you know, that insight was the underpinning of a lot of our rebrand and new brand launch earlier this year, and has really supported our strategy to grow the business.

To what extent do you continue to have to tell an awareness story, and to what extent is there an understanding of what you guys do?

That’s a challenge that we need to overcome. In our stronger markets across the province, we have really strong awareness, but that awareness is not as broad as it would be for some of our big national players. We’ve got two challenges we’re trying to overcome. One is making sure that people who are looking for (an) alternative are aware of Meridian, and the second thing is making sure that we’re teaching people that a credit union like ourselves has all of the products and services that they would expect from a bank or another financial partner.

What do you think has kept potential clients, for lack of a better term, tethered to the Big Five Banks. Is it fear or is it an awareness issue?

I think there haven’t always been all the options available in market. And what you’re seeing is organizations like ourselves and a few others who’ve really stepped up the level of service and the level of experience that they can deliver on the product suite and competitiveness. And you know, there’s now a host of options available and, as people in the province have found themselves looking at their finances, and being concerned about their position and their future, we want to make sure that we are a viable alternative and a strong prospective partner.

In terms of purpose-driven growth, can you speak to how ‘Meridian for Good’ has helped move the needle?

“Meridian for Good” is really a growth strategy, and it’s really all about our purpose of helping our members live their best life or achieve their best life. And so that is at the core of what we do. We take the time to understand the whole customer, the whole member, and their needs, and make sure that we’re delivering products and services that are well suited to their needs. Since we’ve launched our new brand platform, it has really moved the needle for us. We have seen dramatic results in the market. Our web traffic is up over 300%. Our new members have doubled month over month. So it’s moving the needle.

Is there something unique to what you do that marketers in other categories might not understand or appreciate?

One of the most important things about our organization is we are member-owned and as a member-owned organization, our purpose at the root is to help our members achieve their best life. Everything that we do from the inside out is about really being intensely focused on our member needs, starting with the data and a willingness to listen to customers through our frontline staff, so that we can make sure that we are doing the right thing for our members every single time.