Study Shows Credit Union Awareness Meets Consumer Expectations | 2021-09-08
The Credit Union Awareness initiative is making significant progress toward the goal of increasing consumer consideration for the credit union category, according to the July 2021 biannual research results conducted by CU Awareness, LLC.
According to research, more consumers than ever are aware of credit unions, as evidenced by an increase of nearly 10 points in recall of ads for credit unions nationwide. Consumer consideration for credit unions as lenders reached 22%, an increase of 8 points from baseline in 2019. In states with the longest program duration, total consideration reached a double-digit growth.
While consumer consideration is the primary focus of the program, research also measured consumer perceptions of the credit union brand. “It’s clear that once consumers become members, they see credit unions as exceptional and enduring financial partners,” said Chris Lorence, executive director of CU Awareness, LLC.
To date, the program has generated over 3 billion impressions, increasing the difference between credit unions for consumers on all digital platforms. The success of the program has accelerated as Credit Union Awareness continues to expand and expects to have a presence in 30 states by the end of the year.
“The investments that credit unions, leagues, CUNA and industry partners have made in this initiative are paying off,” said Teresa Freeborn, president and president of CU Awareness, LLC, Kinecta CU. “To start getting things done on market share, we had to do something drastically different to reach consumers where they are, digitally. In order to see continued progress, credit unions must support this game-changing industry initiative. “