Filene Explores CU Branding In Latest Report

MADISON, Wis.–The much-debated credit union “brand” is the subject of new analysis released by the Filene Research Institute. The study, titled “The Credit Union Brand: What Is It Good For” and authored by Larry Compeau of Clarkson University, notes that much discussion has revolved around a national credit union brand, while relatively little research is focused on the brand identity of individual credit unions.The topic deserves discussion, according to Filene, because in recent years credit unions have rapidly expanded from original sponsor organizations to broader membership groups based on multiple employer groups, large metropolitan areas, countrywide professional groups, and even virtual relationships. With broadening fields of membership came name changes to better reflect who individual credit unions are serving.The new analysis involves qualitative research approach using a targeted in- depth interviews with a variety of credit union types, members, and employees across the United States. Among the key findings:• Members hold a strong brand identity of their individual credit union. They describe their credit union as reliable, friendly, helpful, and informative.• Employee perceptions of a credit union brand identity are weaker than member perceptions.• 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.