One if by Land, Two if by Sea

With apologies to Paul Revere (and really all of American history) “The CUs are coming! The CUs are coming!”

At the end of this month, thousands of credit union professionals will descend upon Washington for the 2023 CUNA Government Affairs Conference. Our industry is fortunate to have a reputation for strong and effective advocacy. Our collective and inter-dependent strength will once again be on full display at the CUNA GAC. But this strength and effectiveness begins and ends with you. It is your enduring commitment to the League-CUNA system that fuels this engine. Thank you.

It is finally time to stop tying our identity to banks.

Does the phrase “Credit Union Difference” convey the benefits that credit unions provide to their members and communities? That phrase must cause the listener to think of a bank first.  Instead of continuing to promote our difference from banks, it is time for us to double down on our uniqueness. Uniqueness, after all, drives the value proposition in the consumer’s heart and mind. And it is not unique to offer a deposit account or make loans. Also not unique are rate specials, digital banking services, or even a staff that knows your name or “treats members like family.” That stuff is generic now. Look at big banks’ commercials now. They are all trying to look like what credit unions really are! But they don’t and can’t have the Credit Union Advantage. Our uniqueness is found in the cooperative principles that credit unions embrace. How about we choose the 2023 CUNA GAC as the moment we change the conversation? If we are truly a movement, then…

Let’s move beyond our difference and embrace our uniqueness!

To change the conversation, we must first identify where and how it is happening. The largest living adult population comprises Millennials (Currently 43 years old) and Gen Z over 18. And they are not waiting with bated breath for your next TV ad or email newsletter. They probably won’t even see your next Facebook post. These middle-aged “kids” are too busy talking with each other, living their lives, and sharing their consumer experiences and opinions to listen to the same old corporate messaging that has buffeted them since they were toddlers.

People trusted Paul Revere as he rode through town alerting his community because he was a peer – a neighbor — a contemporary. Members likely trust their credit union, but how about a credit union’s potential member? Do they know the credit union exists? If so, do they pay attention when the credit union speaks? If they do pay attention, do they trust what the credit union says?

As consumers, this population seeks to align their purchasing decisions with their values. They want to see a company walk its talk. To the same extent that they notice you at all, they will notice you making kind and compassionate lending decisions. They will notice your community investments. They will notice your financial education. And …they will know your level of employee satisfaction long before you do.

What are you doing differently this year to help more people notice and embrace the unique Credit Union Advantage?

• The Credit Union Advantage — where you go to keep your money in your community.

• The Credit Union Advantage — where you get advice without being upsold.

• The Credit Union Advantage — where you get better interest rates.

• The Credit Union Advantage — where your money helps your neighbor.

• The Credit Union Advantage — where your small business actually got a PPP loan.

• The Credit Union Advantage — where the board of directors wants what you want.

• The Credit Union Advantage — where company profits go back in your pocket.

• The Credit Union Advantage — the savvy choice for the consumer.

As always,
Bruce