It is said that trust is the most valuable thing you can earn. In financial services, it’s fundamental to success. Trust in financial institutions has been hard won since the 2008 financial crisis. And the financial services industry is not alone. Trust in institutions is wavering across all industries—just look at Facebook’s data scandal for proof. Rachel Botsman, world-renowned expert on trust, says this shaky ground is because institutional trust was not built for the digital age. However, there’s one truth that holds true over the ages: Trust between people is the glue that holds society together. This is where credit unions excel.
Trust stems from a sense of common values and beliefs, a mutual understanding and sense of community. That said, credit unions are in a prime position to win consumers’ trust. The ability to clearly and confidently articulate your brand values and differentiators is the first step. This should be a top strategic priority as your credit union shifts into earning trust from a more modern membership.
Build a Modern Brand Identity
“We have a mission statement and brand values,” some readers might say. “It’s been the same for decades and it still holds true.” Stop right there. Ask yourself:
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