MADISON, Wis. (1/5/09)--Credit unions should strategically position their brands with a focus on emotional rather than functional qualities, enact brands by making simple connections for members and non-members about what it means, and build local brand communities, according to the Filene Research Institute.
Filene, with the help of Larry Compeau, Clarkson University, recently released “The Credit Union Brand: What Is It Good For?” In the report, Compeau uses targeted in-depth interviews with credit unions, members, and employees across the U.S. The report indicates that except for long-tenure members who may have helped build their credit union, credit union members tend not to differentiate credit unions from banks. One point of differentiation for members is that credit unions are “a little more personal” but “not as sophisticated” as banks, the report said. Members also hold a strong brand identity of their individual credit union, describing it as reliable, friendly, helpful and informative. Employee perceptions of a credit union brand identity are weaker than member perceptions. For more information, use the link.