Why Credit Union Awareness?
When the Credit Union Awareness initiative moved from ideation to actualization in early 2019, the vision was very clear—increase consumers consideration for credit unions. And while the “why” remains the same, the world around us has completely transformed.
It is more important than ever for us to redouble our efforts on the initiative that was created FOR credit unions BY credit unions. The credit union message is resonating with consumers, and Credit Union Awareness is ensuring that credit unions are top of mind with the 56% of American’s who don’t have a relationship with a credit union.
If [credit unions] are as good as we say we are, and we provide as much value as we say we do, then why isn’t every American a member of a credit union?
Chuck Purvis, President/CEO
Coastal Federal Credit Union
State of the Industry
Credit Union Market Share Is Stagnant
Credit union market share has remained stagnant at roughly 7% for the last three decades. Big banks continue to dominate the market, and now our industry is also facing the threat of Fintechs.