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 Dropping ‘Credit Union’ From Their Names
How eSignature workflows can win over the next generation
Listen and learn how Denison State Bank has adapted their strategies to meet the evolving needs of today’s consumers in this 15-minute interview.
Read More about How eSignature workflows can win over the next generation
Win the Battle for SMB Deposits with Vertical Thinking
Join Nymbus CEO Jeffery Kendall and Nick Kennedy, author of The Good Entrepreneur, for the strategies your bank needs to win deposits and drive growth in 2025 and beyond.
Read More about Win the Battle for SMB Deposits with Vertical Thinking
40% of non-members think they can’t join a credit union.
— CUNA
45% of Americans believe banks offer more products and services than credit unions
— Affinity FCU/Harris Poll
3 out of 5 Americans think credit unions don’t offer mortgages.
— Affinity FCU/Harris Poll
Over half (55%) of Americans believe credit unions don’t offer mobile/online banking.
— Affinity FCU/Harris Poll
64% of non-members are not familiar with credit unions.
71% of Millennial non-members are not familiar with credit unions.
— CUNA
Top 10 Obstacles to Joining a Credit Union
38% Inconvenient branch locations
33% Not enough branches
25% ATMs are inconvenient
19% Don’t have the type(s) of accounts I need
16% Not eligible to join
16% Don’t know where a credit union is located
12% Don’t have the types of services I need to access my account
12% Rates are not competitive
— MCUL
3 in 10 Americans say it is difficult to find a credit union they can join
— Affinity FCU/Harris Poll
Only 16% of Americans use a credit union as their primary financial institution. 84% don’t.
— Affinity FCU/Harris Poll
59% yes
41% no
Credit union members who say their credit union is their primary banking institution.
— CUNA Mutual
1 in 4 people who use a credit union don’t identify themselves as a credit union “member”.
— CUNA Mutual
16% of current members say they would not consider a credit union again.
38% of these said this was due to inconvenient branch locations.
— RAND Corporation
Which type of financial institution first comes to mind when looking for a new account?
40% credit union
50% bank
10% other
— MCUL
Do credit unions care more about their members than banks do?
61% yes
39% no
— Affinity FCU/Harris Poll
64% don’t know that credit unions are not-for-profit.
— CUNA