💵Credit Unions have a branding problem 💵

My very first “real” job was as a bank teller. Or more specifically a “credit union” teller.

A family friend of ours was a manager of a local credit union branch. He got me connected, but I went through the hiring process like everyone else.

After I got hired, they begin the process of indoctrinating you into the credit union mindset.

First and foremost, credit unions are NOT banks. Banks are owned by corporate owners and stockholders, whereas credit unions are owned by the members. Speaking of members, credit unions don’t have customers – they have members.

Most credit unions also have lower fees, better interest rates, and better customer service.

Basically, in most things, credit unions are way better than traditional banks.

But you’d never know it. Because they have a branding problem.

Credit unions across the nation have utterly failed in showcasing their benefits. To most people, credit unions are synonymous with banks.

And this is a huge missed opportunity. If you’ve been following the news at all, you’ve likely heard about Wells Fargo fraudulently opening accounts and charging customers unfair fees.

That’s a branding opportunity for credit unions.

Bank of America was accused just a few days ago of aiding in a Ponzi scheme.

That’s a branding opportunity for credit unions.

And remember all those big bonuses bankers got paid in the midst of the 2008 crash?

That’s a branding opportunity for credit unions.

Instead of their lame branding, credit unions should be hitting with ads like:

• “Victim of a bank? It’s time to take back control of your finances.”
• “The government fined Wells Fargo $1 billion last year for mismanaging your money. Time to work with someone who puts you first.”
• “Tired of helping crooks get rich? It’s time to give up on big banks.”

The past year could have been one of the best ever for credit unions.

But alas, the financial industry is ultra conservative. Rather than pushing back against big bank abuses, credit unions instead tout their 0.05% better interest rates.

Now it’s your turn. Where are your competitors failing? And how can you build your brand around being unlike them?

That’s your opportunity.

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