Credit union groups, especially statewide organizations, have a keen interest in publicizing the benefits of credit unions. But, what kind...
Dec 23 2008
The Credit Union Brand: What Is It Good For?
For decades, executives have wrestled with creating an organizational identity to express their credit union’s unique nature. In The Credit Union Brand: What Is It Good For, Clarkson University Professor Larry Compeau examined this issue by conducting research at credit unions across the country.
His findings include:
- Members hold a strong brand identity of their individual credit union. They describe their credit union as reliable, friendly, helpful, and informative.
- Employees hold weaker perceptions of their credit union’s brand identity than their members.
- Except for long- tenure members who may have helped build their credit union, credit union members tend not to differentiate credit unions from banks.
- One point of differentiation for members is that credit unions are “a little more personal” but “not as sophisticated” as banks
From these high-level findings, Compeau then provides recommendations for credit unions to consider as they build their brand:
- Strategically position the individual brand with a focus on emotional rather than functional qualities.
- Don’t obsess over a brand name.
- Enact the brand. Make simple connections for members and non- members about what the brand means.
- Build a local credit union brand community.
Report Number 173