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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Many 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.
Read More:
- Why Are Credit Unions Tax Exempt? Do You Really Know?
- Can Credit Unions Afford a National Campaign?
- Credit Unions, Here’s That Awareness Campaign You’ve Been Waiting For
- Credit Unions Dropping ‘Credit Union’ From Their Names
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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 … )
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.