Mr. Rogers on credit unions: Members deserve answers

“Is there any way I might get washed down the drain when I take a bath?” Fred Rogers answered that question as well as countless others in his neighborhood. He answered concerns about divorce when it was a subject not publicly dealt with, It was only one of several topics deemed too heavy or taboo for children’s programming. When the goldfish we’d watched every day on his show died? Mr. Rogers talked us through it. Sometimes, he even took on questions we might have been afraid to ask. He helped calm our fears during times of war and ease the pain of losing a friend who moved.

Mr. Rogers and the staff of his show seemed to do a great deal of research to address the fears of children. The serious, uncomfortable issues adults didn’t want to discuss, or the trivial issues parents might often dismiss or laugh off, Mr. Rogers took seriously. He asked us what our pain points were. Then he offered the best solution he could.

How would he handle credit unions? By answering questions. Ask any financial expert why people struggle with money today. One of the top answers will always be the lack of financial knowledge. How can something as easy as basic math be a stumbling block for so many? Because it’s less about math and more about emotion. Whether your bank account is a way for you to keep a roof over your head, pay your bills, or have a trophy for a job well done, money is always personal.

Why do credit unions, who use the rallying cry “people helping people,” do such a poor job of answering members’ questions about finance? It doesn’t matter how silly we think they are or how many times we have already covered them. The requests are important to our members and they want to know the answers. We market our products and services using lots of industry lingo, assuming that the consumer already knows the value proposition—and you know what assuming does.

Perhaps in 2016, it’s time to take a page out of Mr. Rogers’ playbook. Start a conversation with your members, expecting that they have no idea who you are, or why they should care about your credit union (because, honestly, they probably don’t.)

A recent survey asked consumers what they wanted to know about money, but had been too afraid to ask:

• Why can’t I ever seem to save any money?
• Why should I pay off my credit card in full each month, when I can just pay the minimum balance?
• How should I invest my money?
• I have two loans: one small one at 5% and one large one at 21%. Which one should I pay off first? The small one, right?
• Will I have enough money to retire?
• Somebody told me about a great opportunity to make lots of money. Is it a scam?
• I’m really trying to impress my new girlfriend. Got any ideas for a great cheap date?
• How will doing XX affect my credit score?
• How much is my house worth?
• Why can’t I get a loan when I don’t have a job?

Stop overthinking (or underthinking) your marketing message. Start talking in the terms your consumers use. You have the same products (maybe with some variances) other financial institutions have. But, if you begin with answering the basic questions that members have, you become the credible advisor and win their trust and loyalty. Do Mr. Rogers proud. Answer the question.