Impressive. Impressive. Impressive. That's the only way I can describe the new branding initiative launched by the former IBMTEXAS Employees Federal Credit Union down in Austin, Texas.
This credit union didn't just rename itself, it chose a phrase for its new name: AMPLIFY Go Beyond Banking.
No there is no mention of credit union in that name and I don't blame them! I am a die-hard credit union supporter, but the industry has failed to mount any kind of meaningful national branding campaign which I've always thought should be very near the top of the industry's priority list. If they want to ax "credit union" from their name to make it easier for consumers to understand, I applaud them.
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This credit union has taken its future into its own hands. Visit www.gobeyondbanking.com and you'll see what I mean. It didn't just change its name, logo, etc. It's creating a brand that will be built on a new experience for members. It is launching two new branches, wireless hot spots, video conferencing to link to investment and mortgage reps, a "cash bar," a single center to switch over their bank or other accounts, hospitality carts (coffee, etc.), and other changes. It has more surcharge-free ATMs than any bank in Austin. Visit the Web site and it's just fun, it's crisp, it's hip, it's exciting, it's what credit unions need to do.
It is leaving no mystery about the change. The site very thoroughly explains to members why the change was made and what it means to them. Is it getting away from its IBM roots? No, but it has expanded to new members and wants the new name to reflect that. It addresses everything from what will happen to existing credit cards to e-mail addresses that still have @ibmtefcu.org in them, and all the other little details that will surely be important to members.
The credit union transformed itself to catch eyes in the Austin market, but it is still proclaiming its credit union difference. In its literature, it talks about its volunteer board of directors, the fact that it is member owned, and lauds its IBM roots. Another smart move was telling members it has no intention of being merged away! With so many fancy-named, start-up banks doing that, it was an important aspect to highlight.
This exciting brand initiative segues beautifully into the industry's brand problems. Credit Union Times' latest online voting poll (www.cutimes.com) addresses lack of membership growth. I've been getting flooded with e-mails about why credit unions are having trouble adding new members. One constant theme has been the name "credit union." Isn't it funny that something all of us in the industry are so proud of can be such a detriment?
Why is it a detriment? Too many consumers just don't get it. And maybe some of us forget that at times because we're living and breathing credit unions everyday, but I recommend everyone get out of the ivory tower every once in a while and see what's going on. I always ask people I meet if they know what a credit union is. I must be running into people other than the 80 million credit union members out there, because most of them don't understand credit unions.
I still hear about credit unions being labor unions or places where you can have a savings account, but nothing else. Is this the lack of image credit unions are going to accept? It's time for a meaningful national brand campaign that does one thing–explains what credit unions are and why they are different. The timing for a brand campaign couldn't be better. Americans have been feeling the effects of high fuel costs, weak wage increases and soaring health care costs for a long time now–they're ready for the financial break credit unions offer.
It's time to stress the better deal credit unions offer in a catchy national brand campaign. Beggars can't be choosers. Any national message is better than what we have now. I'm sure many could even live with CUNA's "America's Credit Unions, Where People Are Worth More Than Money," as long as it's really integrated into a national campaign.
Once the credit union message gets out nationally, credit unions can take the ball and run with their own local marketing campaigns. But first America has to learn what this thing called a credit union is, or you're going to see more credit unions get amped up like AMPLIFY and drop the name altogether. Can you blame them? –Comments? E-mail [email protected]
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