The value of a credit union membership

Credit unions can prove their worth by sending members statements that summarize the savings they enjoy vs. banking at other financial institutions.

By Bryan Ochalla

Credit unions have a big problem. According to Tony Rizzo, GM/Creative Director at MARQUIS, they actually have four big problems, and their names are BofA, Citi, Chase and Wells Fargo.

“How can you compete with banking goliaths like BofA when they are spending $325,000 on marketing every hour, every day, every week, every month?” Rizzo asks. “How do credit unions prove to people that they can save more money and make more money than with BofA or some other bank down the street?”

That’s where a “Member Value Statement” can help. Rizzo hopes this new concept that MARQUIS is pioneering will help credit unions communicate their value proposition to consumers. The Member Value Statement calculates specific dollar amounts for each members showing the relative value of their credit union’s products compared to similar products offered by nearby financial institutions.

“Price is the biggest advantage credit unions tend to have over their bank competitors,” Rizzo says. “Our mission with Member Value Statements was to figure out how to exploit the price advantage, then use it to reinforce consumers’ belief that credit unions offer a superior banking experience.”

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