Credit Union Values Build Loyalty

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Credit Union Values Build Loyalty

A 2022 poll by CUNA found that credit union members viewed their credit unions more favorably than nonmembers view their banks and/or other financial service providers. The differences appear to stem from the credit unions’ more consultative approach, more consumer-friendly pricing, thoughtful products and services, and the overall sense of trust these institutions foster. Customers — especially younger consumers — seek relationships with organizations that have an obvious commitment to themselves and their broader community. These values as expressed in corporate mission statements and in daily operations and personal interactions. Your customers trust credit unions to build partnerships in their community and support local nonprofits.

Loyalty by the Numbers

Let’s talk about some numbers – Millennials (born between 1980 and 2000) comprise the largest living demographic in the United States, representing 26% of the population. The oldest millennials are entering their prime earning age and will have more disposable income in the next few years.  For this reason, it is very important for credit unions to connect with them and become their first stop for financial services. With the average credit union member being 53 years old, it’s important to bring young people into credit union membership to ensure a stable and growing base of membership.

Experts who study social trends find that millennials tend to be loyal to brands and companies that reflect their values. Patagonia, Inc. for example, is a company that emphasizes activism through its advocacy on behalf of environmental nonprofits. Customers know that Patagonia supports more than 1000 organizations by giving one percent of its sales to promote the preservation and restoration of the natural environment.

The company most popular with Millennials is Apple, with 17 percent of the vote (Statista.com). The company offers a matching program for donations made by employees, as well as a grant-making arm supporting global causes, giving them a social benefit boost in the eyes of socially conscious customers.

Values Enhance Well-Being

Credit Unions love long-time customers, those who see the value of having a relationship with a local not-for-profit financial cooperative. One out of the seven Credit Union Cooperative Principles is education. Training and building relationships goes hand-in-hand with that process. You can tell your customers how you care for their financial well-being by helping them understand the value of community partnerships. One means of accomplishing that is through Concern for the Community, and your commitment to developing local relationships.

Nonprofits are important in our communities, and supporting them through educational programs and policies shows community members the value of credit union membership. By connecting your members with your community, you remind them of your commitment to giving-back. NetGiver is an easy and secure way to build trust with your customers, and is supported by not-for-profit financial institutions, so you know it’s safe. 

Expand Your Reach

As you educate people in your community and offer ways for them to connect with nonprofits easily and safely, it may help you reach that 56 percent non-member population. With the advent of open membership, the opportunities for new members are nearly limitless and showing your commitment to community values is a great way to attract younger adults.

By playing a key role in educating your members about the value of charitable giving you show them how giving back to your community is part of your financial strategy, too. To learn more, visit us at: NetGiver for Credit Unions — NetGiver | 100% Giving (netgiverapp.com)

Reach out now and schedule a conversation to learn more about giving with NetGiver for Credit Unions.