The Credit Union Awareness initiative is making significant progress towards the goal of increasing consumer consideration for the credit union category, according to the July 2021 bi-annual research results conducted by CU Awareness, LLC.
According to the research, more consumers than ever are aware of credit unions, demonstrated by a nearly 10-point increase in ad recall for credit unions nationally. Consumer consideration for credit unions as lenders has reached 22%, an increase of 8 points from the baseline in 2019. In states where the program has run the longest, total consideration achieved double digit growth.
While consumer consideration is the primary objective of the program, the research also measured consumer perceptions of the credit union brand. “It’s clear that once consumers become members, they experience credit unions as exceptional, life long, financial partners” shared Chris Lorence, executive director, CU Awareness, LLC.
To date, the program has delivered over 3 billion impressions, elevating the credit union difference to consumers across digital platforms. The program’s success has increased momentum as Credit Union Awareness continues to expand and expects to be in 30 states by year end.
“The investments that credit unions, Leagues, CUNA and industry partners have made in this is initiative are paying off,” says Teresa Freeborn, CU Awareness, LLC chairman and president, Kinecta CU. “To begin to move the needle on market share, we had to do something radically different to reach consumers where they are, digitally. In order to see continued progress, credit unions must support this game changing industry initiative.”