What's Wrong With Banks Is Not A Good What's-Right-With-CUs Message

Finally, there's a warm wind blowing at the collective backs of credit unions. Nationally, more jobs are being found than lost. Home prices are rising. Foreclosures are falling. As a country, we're starting the day off with more good news than bad on the radio for a change. But credit unio...

Full description

Saved in:
Bibliographic Details
Published in:Credit Union Journal 2013-05, Vol.17 (19), p.6
Main Author: Fine, Greg
Format: Article
Language:English
Subjects:
Advertising
Banks
Banks (Finance)
Brand identification
Business plans
Competition
Credit unions
Economic conditions
Financial institutions
Foreclosure
Marketing
Negative campaigning
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Finally, there's a warm wind blowing at the collective backs of credit unions. Nationally, more jobs are being found than lost. Home prices are rising. Foreclosures are falling. As a country, we're starting the day off with more good news than bad on the radio for a change. But credit unions are experiencing something even more profound. More than ever people are seeing CUs as a viable alternative to their traditional banking habits. Attitudes are changing and new accounts are being opened. Loans are getting written. In general it's a thrilling time to see an industry earning its due respect and experiencing such a remarkable up swell of business. But in spite of all the good being enjoyed, I'm troubled. I'm seeing an abundance of advertising and marketing tactics by credit unions from around the country that threaten to darken the shared good will the country is bestowing upon the industry. A number of credit unions are attempting to build their brands and market their products on the backs of the banks' soured reputations. I understand the hubris. But here is why I think this is a risky business strategy, not only for the individual CU, but also for the industry in the long term.
ISSN:1521-5105