ST. PAUL, Minn. (8/16/10)--Loyalty is abundant among credit unions and their members, Minnesota Credit Union Network President/CEO Mark Cummins said in a recent column in Finance & Commerce
Cummins is a regular columnist for the newspaper, and recently wrote an article titled, “Loyalty sets credit unions apart.” In it, he cited the findings of a March 2010 Minnesota statewide public opinion poll that indicated more than 70% of consumers were “very likely” to recommend their credit union to a friend or family members. This compares with 36% of consumers who said they are “very likely” to recommend their bank. The survey also showed that the public’s trust in credit unions has not faltered. Consumers have a positive attitude toward credit unions and continue to consider them as appealing and attractive. Much of this is attributed to professional and friendly services that credit unions provide, and better interest rates compared to other financial institutions, the survey indicated. “Credit unions reciprocate that loyalty to their members, too,” Cummins wrote, explaining the field-of-membership restrictions under which credit unions operate that allow them to provide top-notch service. “While [these restrictions] may sound like a disadvantage to other come-one-come-all financial institutions, it actually helps credit unions by sharpening their focus,” Cummins said. “Credit unions don’t have to worry about being ‘all things to all people.’ By knowing exactly whom they can serve, credit unions can easily focus in on their members’ unique needs, tailor their product offerings, and provide outstanding customer service.” Credit unions’ not-for-profit, member-owned structure of credit unions typically leads them to take less risk because credit unions don’t face pressure from stockholders to increase profits. “Credit unions are devoted to what’s in the best interest of their members. Period,” Cummins said. “Loyalty comes in different forms and from different places,” Cummins concluded. “Your credit union will protect your assets, treat you like family, and help you make smart choices with your money.” Cummins’ next column will run Sept. 10. To read the column, use the link.