Top 5 Reasons Prospects Aren’t Joining Your Credit Union [+ How Fix It]
When people become members of their local credit union, they often find a level of care and attention to detail that they can't get anywhere else. But part of the reason why prospective members sometimes don't think to join your credit union in the first place is not because they don't want this level of care—it's because they don't fully understand credit unions.
For someone totally unfamiliar with the credit union difference, it can be easy to look at your credit union as "the same thing as a big bank, only smaller." Because of that, there are many myths that stop potential members from taking that next step. By focusing your marketing on these myths and addressing them in the right way, you can remove one of those major barriers and welcome new members into your credit union.
Here are the myths that should guide your marketing messages:
Myth #1: Credit Unions are Inconvenient
Many prospective members incorrectly assume that your credit union is only "useful" if you're only planning on staying within a precise geographic area. The theory goes that if you travel outside of the city or state, for example, you're cut off from your finances and out of luck.
Make sure to highlight your 24/7/365 access to digital services from anywhere, at any time, no exceptions.
Myth #2: Credit Unions Just Aren't Regulated Like Major Banks
Here, the thinking is that because credit unions are smaller and community driven, they're somehow "less regulated" than their major counterparts. This couldn't be more false. In fact, they're held to all the same standards as those big banks.
Make sure to advertise that your credit union is just as professional as an established bank. This will help prospects feel more comfortable exploring your credit union.
Myth #3: It's Too Hard to Switch From a Big Bank to a Credit Union
Not that changing financial institutions is the most enjoyable process under any circumstance, but this is another myth that unfortunately prevails. It's particularly common among people who have only been with big banks for their entire lives.
Show potential members that switching to your credit union would be a breeze.
Myth #4: You Can't Participate in a Reward Programs Like You Can With a Bank
Many people are used to reward programs that are tied with their credit cards, checking accounts, and savings accounts at big banks. The good news is that most credit unions not only offer all the same perks for being a loyal member, but you also save a lot of money on fees at the same time.
Myth #5: Credit Unions Don't Have Good Technology
In fact, credit unions are regularly on the cutting edge of tech-based innovations and digital services, with digital wallet integrations being a chief example. So not only do members get the benefit of modern technology, but they still get that personalized experience the big banks can't offer.
In order to better market to potential members, advertise your cutting-edge features like early pay, instant payments, and same-day ACH.
Debunking Myths and Elevating Member Experiences with Our Integrations eGuide
At FLEX, we want to do whatever it takes to help you bust those myths and make a great impression with both new and existing credit union members. That's why we regularly author helpful documents like our Integrations eGuide—an overview of how you can offer everything a potential credit union member could want, and then some. To find out more about it, click the button below to download your copy now.