A new white paper encourages credit unions to seek out frustrated bank customers—but offers certain warnings about doing so.
“This extraordinary chance at growth cannot be squandered,” say co-authors TJ Riha, CEO of debit consulting firm PayFusion, and Andrea Stritzke, vice president of regulatory compliance at PolicyWorks, referring to the opportunity created by consumer movements such as Bank Transfer Day and Occupy Wall Street. “That said, leadership at the nation’s credit unions must proceed with caution when courting these angry bank customers.”
In “Use Caution When Wooing Angry Bank Customers,” Riha and Stritzke offer several warnings, including:
Hostility against that nation’s large banks and financial-service mammoths has bubbled under the surface for a long while and it is near erupting. Today’s consumers are ready to hear from the credit unions in their neighborhoods, Riha and Stritzke say.
Credit unions that craft a strategy to bring new members into the fold, how they’ll win them over, and how to earn their trust and loyalty over time have the best chance at success.
The paper offers four steps credit unions should implement before marketing to frustrated bank customers:
“It may be tempting to strike while the iron is hot. But doing the homework and preparing for today’s new kind of customer will be worth the effort,” the white paper states. “After all, there’s usually only one chance to make the right first impression.”