ORLANDO - Fairwinds Credit Union has rolled out a campaign to capitalize on consumer skepticism about financial services and, in the process, pick up new, young members.
Backed by an edgy, multi-media campaign that “debunks banking myths,” the $1.7-billion CU has set a goal of increasing membership by 15% over the next few months with its “Truth in Banking” campaign.
“With the subprime crisis, people have become more distrustful of the financial industry and want to know they are banking with the right institution,” said Dianne Owen, Fairwinds EVP of marketing. “They’ve started to doubt some financials and we thought this would be a good time to emphasize what is the truth in banking.”
Some of those “truths” are that banks and credit unions are different, it’s not hard to join Fairwinds, and that’s its easy and convenient to do business with the CU. Those messages, and a great deal of financial education, are passed along through a website developed for the campaign, www.truthinbanking.org.
The site emphasizes giving people the “tools to make informed choices” about personal finance, explaining that “Banking shouldn’t be a mystery, it shouldn’t be tricky and it definitely shouldn’t have legends. It should be simple, convenient and transparent.”
To back that up, loan calculators are available that provide monthly payment information, while savings calculators help plan for the future. Existing and prospective members can also rate shop deposit and loan products that are stacked up against offerings from local banks. They can open an account online, with checking being the targeted service. And the interactive website allows consumers to submit an “urban banking legend” and have it “debunked” by the credit union.
“This age group, the 18- to 34-year-olds we are targeting, want to do their homework because they feel they can’t always rely on others to tell them what they need to know,” Owen explained. “That’s the purpose of the website.”
Fairwinds decided on the creative approach and to target a younger segment when market research showed that a younger demographic would more likely switch at this time, and that they prefer to receive financial education online.
“If I am going to spend a dollar I want to spend it on a younger market that we can start building a relationship with,” Owen said. “This is a long-term strategy.”
The CU is spending $480,000 on the three-month campaign that includes newspaper, electronic billboards, and interactive Internet ads. Owen said the effort is off to a good start, with the website receiving 4,000 hits in the first two weeks. And while it’s too early to gauge membership growth, Owen said, online account applications double on days the Internet ad runs. The campaign relies on subtle humor, which is a different tack for the Fairwinds, according to Owen. “We wanted this to really stand out and reach the younger market, pique their interest and curiosity and drive them to the website. We didn’t want to be seen as your father’s Oldsmobile.”
The online Flash companion ads (see related story) running on OrlandoSentinal.com and OrlandoMetromix.com won’t make the credit union look old school. The first add in a four-part series features urban legend Bigfoot talking to a young adult about how easy it is to bank with Fairwinds.
The campaign launched at the end of March and will run four months. Based on results, the credit union may continue the effort and is also considering it for business services.
“That’s a much different customer,” acknowledges Owen. “We’ll wait and see if this takes off and if it’s adaptable.”
