Credit Unions are Cool, Too! - Credit and Personal Finance Blog ...

July 15th, 2011

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According to CUNA?s 2011-2012 Survey of Potential Members, roughly 70% of consumers age 18 to 24 are ?not at all familiar? with credit unions. This startling fact should have credit unions shaking in their boots, but many have stepped up to the challenge to prove to generation Y that credit unions can be cool.

Here are a few innovative methods credit unions are using to appeal to a younger demographic.

Creative Contests

Elevations Credit Union has launched an imaginative limerick-themed contest, encouraging members to submit a rhyming five line poem about their dislike for big banks. The grand prize winner will be awarded a trip to Limerick, Ireland or $5,000 in cash. Elevations hopes this unusual competition will attract new, younger members and raise awareness about the credit union all through the power of poetry.

Entertaining Microsites

Velocity Credit Union takes the bank-bashing up a notch. They coined the term ?schmank? and created an entertaining microsite to describe the act of being mistreated by a bank. The site features several short videos of people describing what being ?schmanked? means, as well as a link to Velocity?s convenient online switch kit. The kit offers consumers simple steps to switch from their current financial institution to Velocity Credit Union, including closing accounts and transferring direct deposits.

Real World Testimonials

Linn Area Credit Union has integrated real members into their campaigns to invoke a more personal and authentic take on their credit union. In a video clip available on Linn Area Credit Union?s YouTube channel, credit union member Candy Mitchell describes the connection between her family and the close, hometown environment provided by Linn Area. This sincere and localized approach won over a lot of younger adults, and even took the top award at CUNA?s 2011 Diamond Awards.

What Does It All Mean?

This is just a small sampling of the ideas credit unions are conjuring up. These campaigns may add fuel to the ?banks vs. credit unions? fire, but the important thing to remember is the message behind these marketing tools. Are these ideas simply gimmicks used to tap into a significant number of new customers, or do they represent the refreshing and innovative service a credit union can provide to a younger market? Only you, the consumer, can decide.

Give credit where credit is due,

Danielle Belfatto, Karma Contributor

Is your credit union cool, or behind the trend? We would love to hear all about it in Credit Karma?s Reviews!

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Source: http://blog.creditkarma.com/banking/credit-unions-are-cool-too/

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