CUNA intends to raise $100 million over the next three years to fund and sustain a research-driven national credit union awareness program, CUNA President/CEO told attendees at America’s Credit Union Conference in Boston Friday. America’s credit unions and business partners, with support from CUNA, set the funding goal to launch in the digital marketplace through 2021.
“The future of our movement depends on more Americans than ever opening their eyes to everything a credit union offers them,” Nussle said. “By leveraging modern digital media tools to reach the right consumers at the right time, we’ll create a fresh image for credit unions and challenge their assumptions about who we are and what we do. When they open their eyes to a credit union, they’ll be pleased by what they see.”
Nussle said that the credit union market share has been at 7% in recent years, while banks out-spend credit unions $43 to $1 on marketing
“We can’t afford to wait on the sidelines any longer,” he said.
The funding will create a national program designed to be:
“Open Your Eyes to a Credit Union” is an industry-wide initiative to educate a new generation of consumers.
CUNA invested over $2 million to create a Creating Awareness Advisory Group comprised of marketing experts who devised a data driven campaign to combat two myths consumers believe: they can’t join a credit union and they can’t access their money. Now credit unions across the country are joining together to tell a new, compelling story to disrupt the financial services industry and retain relevancy in the future.
“This national program is designed by credit unions for credit unions,” said Teresa Freeborn, chair of the advisory group and president/CEO of Xceed Financial CU, El Segundo, Calif. “It is critical that we embrace this long-term initiative that will dispel the myths associated with credit unions and establish the credit union category clearly in the consideration set for consumers. It’s time.”
To learn more about the “Open Your Eyes” campaign go to awareness.creditunion and type the password “openyoureyes” to access the messaging guide. Additional materials will be added soon.