I really liked this blog post by Filene's Brent Dixon regarding the value of trust for credit unions. Every year, there is study upon study regarding consumers' trust for credit unions, in which they historically outrank banks. He cited data showing that 10% of participants in a Mintel Comperemedia report switched primary accounts from banks to credit unions. That's excellent news, for now.

Credit unions are trusted and that's why there's typically a flight to safety that often ends on credit unions' doorstep in times of crisis. As the economy begins to turn around now or two years from now or whatever experts may be saying this week, credit unions must be prepared to avoid an exodus from safety and trust to whatever financial services provider has the best rates.

Dixon noted that his organization's own research that trust and member satisfaction don't necessarily equate to growth. Filene asserted that credit unions often lack in "basic quality service and offerings" to keep members there. Members trust credit unions but apparently can find them less useful than their financial needs require. The report highlights that great service is a means to an end, market share, not a goal. As Tina Turner said back in the 80s, "What's love but a second-hand emotion?"