PLEASANTON, Calif.-The news is mixed for CUs when it comes to consumers' views in the wake of Bank Transfer Day.
The good news is the mutual structure of credit unions and their shared-value approach to financial services is a message that resonates with "Occupiers" and those who were inspired to act on the Bank Transfer Day message. The bad news is that credit unions still need to do more to get that message out and make good on the promise with an even bigger investment in technology, observed Jim Van Dyke of Javelin Research.
"As someone who has advised large organizations on branding I will say the following: conceivably credit unions are in a superior position to large banks, yet they need to address fundamental gaps in their channels and messages to reach today's emerging customer," Van Dyke said. "My...personal work with non-profits gives me a strong appreciation for (CUs) mission. Yet our data show that today's credit unions simply aren't doing as good of a job as large banks at delivering on what emerging consumers want. Think of this like the phones that are so essential to young or technology-loving people. As we have said after reviewing our many research survey..., 'credit unions get the love, and large banks get the accounts.' It's all about delivering on today's essentials."
