Credit Unions: Purveyors of the American Dream
What nudges consumers’ buying decisions is what the product does for them and how they feel about it.
But a tagline and marketing are only a small part of a brand. Your brand is not how the institution defines it; it’s how the institution is defined by its members. I think that’s a clear problem as some formerly single-sponsor credit unions convert to community charters but hold on to their old moniker even when only a small percentage of their members are still from the sponsor organization. That 85% of your membership defines the institution.
On top of that, ForeSee Results President and CEO Larry Freed noted that more significant than credit unions being bested by the banks was the five-percentage-point jump big banks made relative to credit unions’ +2.
Delivery channels are part of your brand, and one that is growing significantly in importance. Members or potential members aren’t going to care if you are too small to have the resources to build a mobile banking platform. If that’s what they want–and more and more demand it–they won’t join your credit union or at least won't consider it as their primary financial institution.