Consumer Survey Results Provide Marketing and Advocacy Insights
Wednesday, March 13, 2019
The Minnesota Credit Union Network worked with Fluence Media and American Strategies in January to ask 500 Minnesotans a series of questions to gauge their attitudes about and knowledge of credit unions and current issues. Conducted every other year since 2013, this survey helps MnCUN to align our advocacy, education and inspiration messaging toward key audiences; anticipate issues and trends that are connected to consumers, public officials and the media; and proactively position and communicate on key issues, and initiatives to enhance knowledge and reputations of Minnesota Credit Unions.
Key findings from the research study include:
- Trends are generally stable when it comes to familiarity with credit unions, and favorability towards both credit unions and banks. As was the case in 2013, 2015, and 2017 research, about 1-in-4 residents report they use a credit union as their primary financial institution.
- About two-thirds of Minnesotans have at some point in their life been a member of a credit union.
- Credit union members continue to be more likely to “love” their credit unions than bank customers are to “love” their bank. Credit union members are also more likely to love their credit union than in past surveys.
- Credit unions are thought of more as a positive force in the community than banks. A majority of people say that having local roots in the community, investing more in the community, being honest and trustworthy, and making it easier for low income people to get a loan more closely describes credit unions than banks.
- Credit union members strongly support credit unions in a legislative dispute with banks, but bank customers are lukewarm in their support of banks in a legislative dispute.
- The survey results were presented at a webinar March 5, 2019. Several takeaways for credit unions include:
- Use the survey results to assist in target marketing - women are particularly receptive to our messaging.
- Share Advocacy issues with members and encourage participation in GREAT.
- The more consumers know about credit unions the more likely they are to join. Educate members and non-members alike about the credit union difference.
- Promote ATM accessibility, mobile banking services, and shared branch network.
- Educate about NCUA Share Insurance and safety of funds.
The 2019 research study was funded by Minnesota credit unions’ voluntary contributions to the Credit Union Awareness Fund.
Links to the 2019 Research Study Results PowerPoint and webinar recording can be found online.