Branding Guru Lets Loose on CU Name Changes
(This column from credit union branding guru Denise Wymore is in response to the renaming of GTE Federal Credit Union to GTE Financial. A column from President/CEO Joe Brancucci explaining the move was posted in this space last week.)
I’ve been pretty outspoken on the plethora of ridiculous name changes in credit union land. So I have to say it upfront; I know there are some credit unions that had to drop their sponsor name. They were told they could no longer use it (best example is John Deere Credit Union) – or they didn’t dare continue to use it (in the case of Enron Credit Union).
Here’s what I know about human behavior. If someone wants to get into your club bad enough they will find a way to do it. It’s not like we’re the DMV and we scrutinize the hell out of our applicants. We have been “finding a way” to let people in for decades. Remember when Costco was closed to the general public? My friends and I always found a way to get in there. Because we wanted it bad enough.
In the Tampa Bay Times article, Brancucci acknowledges that the recession has taken its toll on the – er, business (I guess you can’t say credit union). And that they were not as focused on the right things. It’s no secret GTE and a lot of Florida credit unions have been hit hard in this recession. Being focused on the right things, in my opinion, would be improving the experience to the member not the distraction and incredible cost of re-branding.