A look back at NewGround research from 2004

The Northwestern Financial Review ran a story back in 2004 on research conducted by financial consulting firm NewGround Resources. The study included 480 credit unions. From the article:

  • Only 2% of those in the survey believed that there is “lots of differentiation” among credit unions
  • 68% said they expect their member representatives to deliver a memorable experience over and above the basics of good service
  • 78% of credit unions said they were in the business of “building emotional loyalty”
  • 26% said they had outgrown and changed their name
  • 38% were planning to change their name
  • 21% said lack of creative thinking was their biggest challenge
  • 69% said their main competitor was a local or nationwide bank
  • 20% said their main competition was other credit unions

Key Question: How can you deliver a memorable experience when you don’t offer anything different from your peers?

Reality Check: Credit unions now compete with credit unions. More community charters means more competition. This could strain the cooperative spirit that has historically existed between peers.

This article was originally published on . All content © 2019 by The Financial Brand and may not be reproduced by any means without permission.

shares