What Makes Your Credit Union Unique?

When we work with credit unions on a marketing campaign, social media plan, website or an HR consultation we often ask them “what makes your credit union unique?” More often than not, they’ll say that it’s their member service, variety of products or mobile banking. While these are all great answers, if all credit unions say this – then these features aren’t truly unique, are they?

Sometimes you need to sit back and look at your credit union and its website, marketing materials and offerings as if you were a member and see if there’s something that would set you apart from the competition. Or you could always conduct a member survey to determine what your differentiators are in their eyes. 

If you’re still not sure what makes your credit union unique, here are some places to start in your search:

• Personality – Spread out all of your marketing materials and look at your website – do they have a common voice? Does the verbiage help convey a personality for your credit union or is most of it in business “brochure-speak?” Members want to feel a brand personality and a connection to the organizations they do business with. This is true especially for Gen Y and younger, they want to feel like they can identify with you, that your credit union “gets” them, so be sure to write your materials with that in mind.
  
  This common voice and personality should also be evident in your social media – one of the most informal forms of member communication. Share interesting non-financial related articles or fun staff photos from recent promotions or outreach events. Social media is a great outlet for showing off your credit union’s sense of humor and community involvement. Just make sure to keep all content business appropriate.
  
  
• Rewards – More often than not these days, people expect to be rewarded for doing business with you. No matter how great your rates may be or how few fees you charge, these aren’t enough. And everyone offers a credit card with reward points these days. It’s time to think bigger. Offer relationship-based programs that encourage members to bring all of their accounts to you. Many credit unions now give their members special yearly dividends on their accounts to boost wallet share.
  
  Another option is to help them save. Everyone wants to save money, and with the credit union credo of putting members first, a dynamic discount rewards program could be just what you need. Invest in America offers exclusive discounts on what people buy every day – from new cars and roadside services to monthly wireless service and satellite TV.
  
  
• Technology – Keeping up with the current website technology is basically a credit union requirement these days. How you do it is what matters. Your website is the first contact many people will have with your credit union – so make sure they can see it the way it was meant to be seen with responsive design. This lets your members have a seamless online experience whether they visit your site on a PC, tablet or smartphone. Speaking of smartphones, members are becoming more tech-savvy and expect their mobile banking app to be able to do almost everything they can do in your branches.
  
  Other ways you can set your credit union apart online is by offering online chat as a member service tool or a searchable FAQ section to get their questions answered. Financial literacy can also be a differentiator, so offer members helpful articles, videos or podcasts to help guide them.
  
  
• Staff – Sometimes it is excellent member service that sets your credit union apart. A happy staff leads to happy members and a happy credit union. Make your recruiting count and hire the right people for the right jobs. Once they’re hired, have a solid onboarding process in place so they can hit the ground running in their new position. Many credit unions have a “buddy system” in place so your new hire has a go-to person already on staff to help them smoothly navigate your credit union’s culture.
  
  Don’t forget about your current staff. Sometimes it’s easy to hire someone, train them and then have them fall off of HR’s radar. Stop that from happening by offering useful performance reviews and ongoing training, including your managers. The better your staff understands your credit union and their role in it, the better they’ll be able to serve your members.

Finding what makes your credit union truly unique is a complicated, continual process. But don’t be afraid to dive in and uncover things that set you apart from the competition – your credit union’s success could depend on it.