Continuing the momentum of the Credit Union Awareness Initiative and moving the needle on credit union market share will require a shift in mindset, says Chris Lorence, executive director of Credit Union Awareness.
“Consider a mindset shift from a position of scarcity—this is all there is and I need to protect it—to a place of abundance: there is market share out there and I need to grab it,” says Lorence, who addressed Tuesday’s General Session at the 2020 CUNA Governmental Affairs Conference.
“Abundance is the mindset of app-based fintech companies that have no brick and mortar but have created market share that didn’t exist prior to their entrance in the market,” he says. “We can do that, too—and we’re doing it.”
The Open Your Eyes to a Credit Union campaign is live in 21 states, has engaged nearly 34 million people, and has driven nearly one million people to yourmoneyfurther.com to learn more about credit unions, Lorence says.
Membership growth in Minnesota, the first state to launch the campaign, grew 4.4% during the first three quarters of 2019, he adds, the largest increase in more than 10 years.
Plus, 70% of consumers who engage with the campaign are age 25 to 54, and 57% are college graduates with children.
“Now is the perfect time for those on the fence, waiting to see if this campaign is real, to shift their mindset, engage, and join us,” Lorence says. “We have a tremendous opportunity to grow as an industry. Each of us, regardless of asset size, location, and membership type can shift our mindset to one of growth and potential.
“To change consumer consideration of credit unions, we need to continue to build a brand together,” he continues. “Stand up, step up, and get fired up. Let’s continue to open consumers’ eyes to credit unions because what’s possible will depend on what we do together.”
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