Using your community-powered advantage to create new relationships

by: Gabe Krajicek

It’s 2015 and 66% of Americans are still angry at megabanks for their role in the 2008 financial crisis¹. In particular, among Gen Y – also known as millennials – there is a strong dislike of the megabanks. In fact, 1 in 3 millennials are open to switching from their megabank in the next 90 days².  Consumers young and old are ready to move on.

People are embracing uniqueness in their community. The enthusiasm of green and “eating local” movements that have increased the popularity of farmers markets is spilling over into retail and banking as well. Seventy-eight percent of Americans believe banking locally is important¹. This eat local, bank local, support mom & pop shop mindset is exciting. It’s empowering consumers to vote with their wallets and highlighting the importance of community. 

What do these important trends in consumer opinion mean for community financial institutions? It means now is your window of opportunity.

You Have A Secret Weapon 

You possess an inherent advantage: you’re community-based. You have the ability to tap into that consumer trend towards community unlike the megabanks. Credit unions are uniquely positioned to shine because of their history and strong ties to their market. The deep relationships you’ve built with your members provide valuable insight into what’s important to your prospects and your community.

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