Credit Unions: Improving Perception, Growing Business

Credit unions everywhere face the uphill task of conveying their value proposition to their members. Not only do they have to fight their competitors to provide more innovative products and better services, but they must tackle any negative perceptions in the community. As millenials join the workforce and start to open up their wallets, whether to buy a new car or their first home, are they considering credit unions? If credit unions aren’t in the forefront of their minds, these potential customers won’t be making it to credit union websites, let alone through their doors.

According to the World Council of Credit Unions, the average age of a credit union member in the US is 47. In Canada, it’s 53. To ensure future success, it’s critical for credit unions to attract new and younger members.

While there are many strategies to attract and engage younger members, one exercise that will help craft your strategy is to evaluate member perceptions of the quality of your financial services.

Looking for ideas on how to engage millenials and turn them into brand ambassadors? Connect with one of our credit union business growth experts for a free consultation today!

In working with our research team, we have created a perception evaluation survey that’s quick and easy to deploy. Plus, it doubles down as an educational instrument that dispels any negative perceptions members may have about your credit union.

Take a look at this sample questionnaire. It can be easily modified to include questions on any specific focus areas, as well as your own logo and branding. You’ll notice that questions are designed in such a way to educate members about your products and services, even as you educate yourself about member perceptions.