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The Pros And Cons Of Branding Credit Unions

1008 Words5 Pages

Implications/Risks of not effectively Branding Credit Unions (challenges)
As a kid, one of the first financial decisions to be made was where to keep one’s money. This could have been the tooth fairy’s dime, the fifty cents from chore allowance, or the grand treat of all, grandma’s ice cream money. It was a choice to keep it in a pocket, a piggy bank, or even a sock drawer, but it was still a choice.
Is the financial institution of choice a bank or credit union? Not being the financial institution of choice could make credit unions irrelevant for future generations.
Members of the younger generation spend most of their lives engrossed in the world of technology, which is the way of the future for the generations to come. Most credit unions do offer the latest technology in terms of mobile banking and online banking, but the market still perceives credit unions as inferior to the larger banks. …show more content…

Millennials will seek good service and personal attention from their financial institution, but they will stay where it is most convenient. They are looking for the closest branches, numerous ATM’s, low rates, modern platforms, and easy to use applications. While credit union’s offer many of these services, whether individually or through cooperative networking, brand awareness has not been effectively communicated by the movement. Because of this, credit unions are facing greater struggles targeting the millennials, as well as future

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