Research Proves Consumers Know Diddly Squat About Credit Unions

What consumers don't know about credit unions is a lot. There are still many myths and misconceptions surrounding what credit unions are, what they offer and who can join.

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Subscribe TodayMany consumers still think you have to belong to a labor union to become a member. They assume credit unions have limited products and services. They believe credit unions are technologically inferior to banks, and that banks have better security. While credit unions have always had a big awareness problem, these research findings show how much work they have to do.

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This article was originally published on July 25, 2017. All content © 2018 by The Financial Brand and may not be reproduced by any means without permission.

Comments

  1. I’ve heard and seen the same thing for 27 years. Additionally, I’ve heard national trade associations talk about national awareness campaigns for just about as long. (Tapping my fingers on table … )

  2. The question I keep asking myself is “Do they really care?”. We think we need to tell them and they should understand. They think they have a financial need and look for ways to fill it quickly, conveniently and at a reasonable cost. Look to the future! It’s not necessarily even banks versus credit unions. Everyone talks these days about disruption but we still focus on the need to tell people a story they may very well not care about. As Robin says- going on for decades. For example, peer to peer lending is also people helping people.

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