CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • 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
    • COVID-19
    • 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
  • Jobs
  • Contact

News

Home » CU Awareness: Let’s Win With Words
Marketing

CU Awareness: Let’s Win With Words

We need all CUs speaking about the industry in a clear, compelling, and unified way.

March 28, 2017
Jim Nussle
No Comments
Jim Nussle

As CUNA works to advance the credit union movement, the health of credit unions and the financial well-being of their members are foremost in our mind.

But we’re also thinking about those nonmembers who would benefit from the most consumer-friendly option in financial services.

While lack of awareness around credit unions, membership eligibility, and our wide range of products and services serve as barriers to growth in the market, I also see these challenges as opportunities. And I believe through the Credit Union Awareness Initiative the industry can take advantage of these opportunities.

In fact, through this initiative, the credit union system can ensure that as many Americans as possible know about and understand credit unions with the hope that addressing misconceptions and clarifying our identity will prompt more consumers to choose credit unions as their best financial partner.

Last year, the Creating Awareness Advisory Group, which is leading this effort, came together to identify what, exactly, holds back awareness of credit unions and to determine how to resolve that problem.

The group found that too much variation exists in how the industry and individual credit unions describe themselves.

Think of all the descriptors: member-owned, financial cooperative, democratically controlled, and operated for the purpose of promoting thrift.

While banks enjoy a one-word association with their identity, for our industry it takes a 10-word explanation, often with different terms and variations, to describe who and what we are.

If we want consumers to understand us, we must talk about ourselves in a consistent and simplified manner. That’s why the advisory group’s No. 1 priority in boosting awareness is to create a high-level definition of credit unions.

This will enable credit unions to clarify our industry identity for consumers by speaking about themselves in a clear, compelling, and, most important, unified manner.

The first step in creating this definition—or what marketers call a “brand platform”—for credit unions was to conduct sweeping national consumer research to reveal current perceptions of credit unions among the general public, in addition to the latest trends in consumer preferences for financial services.

The results would show us which strengths we could build upon and which misconceptions were most important to address, guiding the advisory group in developing a brand platform.

Earlier this year, we finished the first round of consumer research, and we believe it revealed clear trends that will lead us to the right solution. Most evident was that knowledge of credit unions across all demographics needs to improve.

Many consumers don’t believe they’re eligible for credit union membership, or that credit unions could provide a full portfolio of financial products and services.

What’s more, a lack of awareness of NCUA and its role in providing the same guarantee on insured deposits as the Federal Deposit Insurance Corp. fueled concerns about security at credit unions.

While there’s much more to glean from this research, we believe we have solid data that can help us build a brand platform that speaks to the strengths and advantages of credit unions, and how they can meet consumers’ needs.

Our goal is to create a communication initiative that will complement the marketing work credit unions and leagues have already invested in, and that already works in their respective markets.

Ultimately, we need buy-in from the broader industry if this is going to work. We will need all credit unions speaking about the industry in a clear, compelling, and unified way.

I urge you to engage with this effort and help drive awareness in a way that benefits all. For more information, please email awareness@cuna.coop.

JIM NUSSLE is president/CEO of CUNA.

KEYWORDS advocacy Credit Union Awareness

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and 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

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us