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4/30/2014 » 7/31/2014
2014 Webinar Series - Frontline

4/30/2014 » 7/31/2014
2014 Webinar Series - Compliance

4/30/2014 » 7/31/2014
2014 Webinar Series - Real Estate

Unite for Good










 

Americans choose credit unions as their best financial partner


A cultural shift is happening in America that aligns perfectly with the credit union movement. As more and more consumers across the country continue to move their money from big banks to credit unions, there has never been a better time for credit unions to band together.

Americans are craving the good that will come when they choose a credit union as their best financial partner. Last year alone, more than 62,000 Minnesota consumers joined a credit union, which is a more than 4 percent growth rate. That's 15 times the membership growth in 2011, and is a testament to the value and relevancy of credit unions in today's financial service marketplace.

In February of 2013, the Credit Union National Association (CUNA) presented a bold, new strategic vision for the credit union movement. It's an overarching vision in which "Americans choose credit unions as their best financial partner."

Credit unions across Minnesota and across the country are being called on to Unite for Good.

This vision – developed collaboratively by CUNA, state leagues and credit unions – is not intended to be a public awareness or marketing campaign. Rather, it's a vision that encourages credit unions to take advantage of today's economic climate to recommit to a set of shared values, a focus on members, and a dedication to financial well-being.

How can credit unions support the vision and help realize the goals?


Goals & Measures

Coming together around a common vision is critical to achieving growth and success for the future of the credit union industry. Through the industry's collaborative efforts over the next 10 years, the entire credit union system will continue to grow and adapt.


More PFIs:

  • Today, 40 million consumers consider credit unions to be their primary financial institution (PFI). By 2023, U.S. credit unions aim to serve 50 million consumers nationwide.

More member value:

  • Today, consumers nationwide save approximately $6 billion by using credit unions over big banks. By 2023, U.S. credit unions aim to increase that figure to $20 billion in savings.


To achieve these goals and realize this vision, credit unions are being urged to:

  • Remove barriers by actively participating in credit union grassroots activities and the political process
  • Create awareness by expanding your credit union's outreach and image in the community
  • Foster service excellence by offering a complete set of forward-looking and constantly improving financial services to members of all backgrounds and life stages

 

MnCUN's alignment with the Strategic Vision

At the same time that this broad vision was being developed, the Minnesota Credit Union Network has been adjusting its organizational structure and strategic goals as well, to ensure synchronization. The Network is committed to our member credit unions and continues to work hard to create an environment that allows credit unions to grow market share.

Some of MnCUN's recent strategic initiatives that help to accomplish this include:

  • Alignment of our communications, public affairs, and PR strategy (more)
  • Our consumer education campaign – Bankziety (more)
  • And last year's initiative with the Filene Research Institute that provided credit unions with strategies for attracting younger members (more)

 

Unite for Good!

This strategic vision is not intended to change your credit union's marketing plans. This vision is really just asking credit unions to do many of the same things you're already doing – and to continue looking for ways to improve. Credit unions should:

  • Continue offering great member service
  • Communicate with lawmakers about the value of CUs
  • Focus on Gen Y and other emerging markets
  • Place a priority on telling the credit union story

How can credit unions support the vision and help realize the goals?