We devote this issue to the results of CUNA’s annual National Member & Nonmember Survey, sponsored by Credit Union Magazine and published in collaboration with CUNA’s market research department.
Many findings are encouraging:
But the research again underscores the following challenges of capturing the full attention of these consumers:
Many credit unions are meeting these awareness and loyalty challenges head-on, as you’ll read in this issue. through focus groups, target marketing, advocacy messaging, and targeted product development, they’re creatively at work to understand what it takes to serve these young consumers and turn them into faithful users of credit union products and services.
CUNA and our league partners have the same focus, organizing awareness events as part of national and regional meetings this year, including during the National Conference of State Legislatures’ Legislative Summit this month in Seattle (“CU messaging blankets state legislators’ summit,” p. 18).
The story of the credit union difference has many themes: low-cost financial services, low or no fees, not-for-profit cooperative model, member- owners, community focus.
Some of these themes—cooperatives, community, low fees—strongly resonate with millennials, according to our research. To extend your reach and maintain healthy growth, just keep telling your story. though it might sound familiar, many have never heard it before.