President's Message

As the saying goes, if a tree falls in the forest but no one is around to hear it, does it make a sound? Surely the air vibrates and the ground shakes, but it begs the question: does a sound require the presence of an ear?

Fortunately for Connecticut’s credit unions, this pandemic has made people start listening. Many have endured a financial shock beyond their imaginations and, like picking through the rubble after a tornado destroys a house, people are fighting through tears to salvage the remnants of their tattered finances. People are listening for hope, listening for ways to recover. And we are making sounds. Over the past two years, the League’s communications efforts on your behalf have returned over $1 million in earned media value here in Connecticut.

Through this pandemic and all its economic collateral damage, credit unions were there for their members. You waived fees, extended loan terms, offered skip-a-pays, and even gave interest-free emergency loans. Your sound reached your members’ ears as you saved their lives. You entrenched your members’ loyalty even further with all the good and selfless work you did simply by instinct.

But how about your entire field of membership? They are listening too. How many of them heard your life-saving sound? As we take stock of the grueling marathon we just ran, one topic to explore is the extent and effectiveness of your credit union’s external communications. It may seem …icky… to think and speak strategically about leveraging the credit union difference — your mission-related work — to grow your credit union, but, in a word, it isn’t. And it’s time to start thinking critically.

Who you are as a company is a growing factor in a consumer’s decision to bring you their business. Millennials and Gen Z consumers are more socially conscious than previous generations. They care about a company’s values and community impact. They do not like being sold while, at the same time, they do not want to do the independent research. They want third-party endorsement and they respond to word-of-mouth marketing. How many of you use Yelp or read reviews to check out that new business or product? Do you check YouTube to see videos of the thing you’re considering purchasing? Who do you believe? Who do you trust when making your purchasing decisions?

If you don’t believe that being a Social Media Influencer is a real career, wake up.  As of January 1, 2022, today’s millennials are over 40 years old (1981-1996). They have more debt, less wealth, and similar earnings as previous generations.

Your new members are listening. Who will tell your story? Will it be a good one?

As always,
Bruce