Melissa Troiano, 30 Under 30 member, Bridgeway FCU
Spokes people can be very influential in swaying the public’s opinion and influencing their decisions, which is probably why the FDIC hired Suze Orman.
With the current economic situation relative to the melt down of many of the county’s large “banks,” many people are afraid for the safety of their money. This in my opinion is THE perfect time for Credit Unions to stand up with a national campaign to promote the safety of our members’ money! However, not much is currently being done to tout the Credit Union experience.
The FDIC, recently hired Suze Orman, who appeared on the Oprah show on 9/23/08. During the show Orman stated that if your deposits are not FDIC insured, you should withdraw your money immediately. She didn’t mention that the National Credit Union Administration (NCUA) offers insurance identical to that of the FDIC nor did she discuss how the mortgage mess does not involve credit unions, because we know how to lend money responsibly.
Orman was recently hired by the FDIC to promote FDIC insurance. Go to the web site MyFDICInsurance.gov for more information on this. I find it very smart and interesting to see Orman partnered with the FDIC. What a perfect move for the banks at this time!
The question then becomes, why didn’t NCUA see this opportunity and jump on it to promote credit unions?
Well okay, hold on, NCUA did come up with a totally outdated, non user friendly web site, which contains a share insurance calculator. Compare this site with the FDIC site, which is clearly better designed and more visually appealing.
This would be a great opportunity to attract new members, specifically young adults. Banks such as WaMu targeted Gen Y with their fun and free spirited brand. These individuals are now either forced to choose a new financial intuition or will become Chase customers. I see this as an opportunity for Credit Unions to position themselves as not only a safe place to bank, but as financial intuitions that understand the needs and wants of Generation Y.
When I found out about the FDIC insurance link, I started to email others in the Credit Union Industry. No one that I spoke with knew about any national campaign to stand up against the FDIC. So in closing, I’m hoping that this post reaches someone at NCUA, CUNA or NAFCU – anyone that could help to make a difference.
Comments
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I don’t know, Melissa. The bleached teeth aren’t really doing it for me, and Orman deserves a lot of flack for totally biffing on the fact that FDIC isn’t the only federal insurance.
The FDIC site really is better. But don’t forget NCUA’s ads in USA Today
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Melissa, dang good post! NCUA needs a facelift and a face other than Uncle Sam.
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Banks get Suzie Orman. Credit unions get Uncle Sam?
NCUA has to dump Uncle Sam. He represents “The U.S. government,” which isn’t the most popular brand to align yourself with these days. He looks about as stern, unfriendly and uninviting as any spokesperson I’ve seen, which seems 180° from what credit unions represent. He is a “historic symbol,” and the use of dated illustrations makes credit unions look old, crusty and out-of-touch.
Uncle Sam may be on message (questionable), but he is way off-brand for credit unions.
As unoriginal as this suggestion is, it would be 10x better to have a picture of the ordinary person/people credit unions serve.
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Couldn’t agree with you more Melissa and I would echo your charge for better marketing by NCUA! Great post!
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Suze Orman did correct her statement, on her blog and on Oprah’s blog. That was after receiving numerous posts from credit union members, like myself.
I think a lot is being done and, unfortunately, the economic situation is not going away soon. Here in Texas we are putting together a cooperative ad campaign that credit unions, who desire to participate, can gain great exposure at a shared cost.
But, here is what floors me. I always see a lot of posts saying “something should be done!” and “CUNA or NCUA needs to do it!” or “Why isn’t anything happening?”
I learned a long time ago from a great mentor, Ross Perot. If you want something done, do it! If you see a snake, kill it. Don’t talk. Do. Don’t try. Do. If you want the message out in advertising, then do it. If you need to form a cooperative effort to afford the cost, then do it.
We will not win by looking for some other guy to win it for us. As Yoda would say, “Do or do not. There is no try.”
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Richard,
You are hired. I say that YOU should be our spokesperson. I’m serious. I love that you’re from a league – politics be damned – we need to talk about this.
How do we get started?
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So the US Government, which is telling us to trust IT with billions of dollars in bailouts and restructuring, has to HIRE SUZIE ORMAN to put people at ease?
I’m sorry, this is stupid. If you’re so ineffective and impotent as a ruling body that you have to get a very tan lady with a very David Spade haircut to speak to your virtues you should be ashamed of yourself. And why trust Orman anyway? As soon as someone’s paid for their endorsement, their role as an “expert” becomes suspect. They’re saying what you tell them, not what they think.
Credit Unions should rid themselves of Uncle Sam. But not in favor of a TV personality.
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Beyond spokesmodels, celebrities and iconic figures from Americana past, I just have one question: why aren’t NCUA & FDIC working together to send one, clear message about the safety of deposits of credit unions and banks?
Is “turf” really that important now?
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This really should be seen as CU’s golden opportunity to get its message out . I agree completely with your post. The NCUA site is so out dated, yet basically every CU is linking to their insurance page right now. It’s time for a national branding campaign.
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We should not be focusing on the fact that deposits are insured up to $250,000 (like banks), but rather why credit unions are a superior choice to banks. By saying that we have the same amount of insurance as banks, that doesn’t help differentiate credit unions in the consumers’ mind.
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Just arriving at this blog but hopefully not to late.
I recently had examiners in my office and they were so thrilled at the fact that NCUA had taken a “proactive” step with this new Unlce Sam campaign. They proudly gave me a copy of USA Today and seemed to beam with delight. Of course, I wasn’t impressed to say the least.
I think this type of marketing effort on the part of NCUA is exactly why most credit unions across the country have an average age of 50-something and growing every year. NCUA has never gotten it and they probably never will.
I agree that if we are going to reach a younger market that has a completely different outlook for America’s future, we had better stop waiting to hear and see it from NCUA. I will go a step farther and say we shouldn’t rely on CUNA for it either. I think CUNA is a good organization and I realize they are in a transition phase (not a day to soon) but they are not on board with the GEN Y message at the proper capacity.
Credit Unions…......wake up and realize that you must engage yourself and redirect the focus of your board members to this approach. Sadly, I see that many of the board members across the country cannot begin to relate to the GEN Y culture so the easy route is just avoidance. If credit union exec’s and aged board members continue to avoid…......well, you know the rest of the story.
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The most simple way for NCUA to get their message out is via their web page, young adults would rather use the interent to do their research than use a newspaper. Don’t get me wrong, the USA Today ads are helpful but if the focus is on younger generations their really needs to be some investment into the presentation of the NCUA website. Not to offend anyone, but the website seems too simplistic and not user friendly.
Just my thoughts on the issue.
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