CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Awareness solves the CU ‘mystery’
Marketing Management
President's Perspective

Awareness solves the CU ‘mystery’

The more members know about the CU difference, the louder our voice becomes.

May 27, 2016
Jim Nussle
One Comment
Jim Nussle

It might be difficult to admit, but it’s something many of us know to be true: Not everyone in America knows what a credit union is.

Call me crazy, but I’m OK with that. At least for now.

If every American knew about credit unions—about how we’re member-owned and not-for-profit—and the banks still held a massive share of the market, then I might be worried.

But I’m not worried. I’m encouraged.

That’s because I know that when consumers finally solve the credit union “mystery”—when they learn about our cooperative, service-first model that allows us to offer the best and most affordable products and services on the market—time and again they turn their attention squarely to us.

Here’s the proof: Recent research we’ve compiled reveals that roughly 90% of consumers view credit unions positively after learning the difference between us and banks.

Even more promising, when bank-only customers see a TV ad illustrating the difference between credit unions and banks, 82% say they would be interested in switching to a credit union.

For me, the research paints a clear picture about the perception people have of credit unions compared with banks—especially once they learn the true difference between the two.

That’s why at CUNA we’re pulling back the curtain on the credit union advantage and erasing any misconceptions about our accessibility and our ability to meet consumers’ needs—not just as well as, but even better than, the banks.

Demonstrating why we do what we do is critical because that “why”—that dedication to our members—is what makes credit unions better than banks.

We have an opportunity to raise awareness of credit unions and, specifically, of how credit unions differ from banks. The more members we can bring into the movement the better.

And the more our members know about how we differ from banks, the louder our collective voice becomes on Capitol Hill when advocating for issues important to ensuring credit union growth.

We’ve been thinking hard about how to best communicate this difference to consumers, and the CUNA Board has created an advisory committee packed with experts who’ve been providing wonderful feedback to staff.

No matter which direction we choose with this initiative, it must uphold these two principles:

1. It must be sustainable. It would be a waste of our time to launch a new awareness effort only to see it dissipate in a matter of months or years.

Remember, just when we’re starting to get bored with a message, our key audiences are just starting to hear us. We need an adaptive but ongoing communications effort that becomes a fixture of credit union awareness for years to come.

2. It must inspire us to begin speaking the same language. Our research has found that, surprisingly, the knowledge gap around credit unions doesn’t only apply to bank customers.

In fact, nearly half of credit union members can’t articulate the difference between credit unions and banks.

It’s imperative that our members, the people who walk into our branches every day, understand that difference as well.

As a final note, I’d like to share the results of a word cloud we created that identifies the terms that resonated most with the survey group who viewed the ads.

Of all the words used, “members” topped the list, followed by “owned,” “local,” and “nonprofit.”

That’s right, folks: The philosophies that make credit unions different—that we are member-owned, local, and not-for-profit—truly resonate with people.

This is the opportunity we have to serve and grow credit union market share.

JIM NUSSLE is president/CEO of CUNA.

KEYWORDS awareness credit union cuna

Post a comment to this article

Report Abusive Comment

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • Compliance: Using alternative data in underwriting

  • Turn mistakes into success

  • Concerns over credit union-bank mergers, CRA ‘inaccurate, misinformed’

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors