SOUTH JORDAN, Utah — Data just compiled by Allegiance suggests efforts to tout the credit union difference are resonating with consumers, many looking for a safe financial haven in troubled economic times.
The information seems to support credit union advocates who see the current environment as an opportunity during which credit unions can shine by offering consumers some shelter just as umbrella manufacturers prosper during a stormy season.
The Allegiance "Pulse of America–Retail Banking" survey looked at consumer engagement–that is, the extent to which banks and credit unions have captured the emotional segment of consumer relationships. Findings reveal that from the fourth quarter of 2007 until October this year, the percentage of members engaged with their credit union jumped from 46% to 60%. Banks remained virtually flat at 32%.
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