Why We Love Digital Media (and why your credit union should, too.) - Strategic Brand Communications l 603-658-1600
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Born a century apart, U.S. credit unions and digital marketing would seem to have little in common. One was created here in New Hampshire in the shadow of 19th century textile mills; the other thrives in a borderless, high-tech, post-industrial world. Yet credit unions and digital marcom channels are converging in ways that we find very exciting at Creative Co-op.


Here are five reasons why.


  1. It’s about service.

“Not for profit, but for service” is a credit union mantra suited for millennials who expect value, convenience and flexibility. Today that means digital channels, allowing members to do most of their banking anytime or anywhere. Yet only 38% of financial institutions can deliver. Free of the bottom-line constraints and conflicting priorities facing for-profit institutions, credit unions have an opportunity to expand their digital marketing in pursuit of a standout brand and strong member loyalty.

  1. It’s personal.

“Know your member” is the first rule of credit union marketing, and it has never been more relevant. Millennial consumers, as described in The Financial Brand, “want their primary financial institution to know them, look out for them and reward them.” That’s standard operating procedure for credit unions. Tools such as email, social media and text messaging can help facilitate those personal insights – delivering the right offer via the right channel, at the right time, on the right device.


  1. It’s growing.

Millennials ages 18-34 now make up the country’s largest living generation, representing 75 million consumers with $1.3 trillion to spend. And 78% of them spend more than two hours per day on their smartphones, based on data collected by the CMO Council. Digital media are one sure way to reach this growing wave of potential members.


  1. It extends your reach.

Internet and mobile banking, online loan servicing, electronic signatures and more all allow credit unions to deliver high-quality, low-cost services anywhere. We have worked with one credit union, for example, that serves a truly international membership base. Lack of brick-and-mortar locations doesn’t have to limit your growth if you can leverage your expertise online.


  1. It’s more engaging.

In a 2015 Bain & Company report, a majority of 115,000 global consumers said they would miss their mobile phone more than their wallet. In the U.S., mobile apps for routine banking transactions were one-third more likely to delight customers than branch transactions, thanks to their simplicity and convenience. Customers relying on these digital self-service channels were 40% less likely to switch institutions – while frequent branch customers were almost three times as likely to switch.


If you’re not feeling the love for your own digital marketing, we’d love the opportunity to help. Simply email Creative Co-op today, or call us at (603) 658-1600.