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Credit Unions Make Their Presence Known

Together, large and small credit unions can generate awareness, advocacy and assistance

By Sarah Snell Cooke | Updated on February 26, 2015
Sarah CookeCredit unions have a lot to gripe about between the NCUA and CFPB and interest rates. However, like that friend who does nothing but complain, it’s time to step back and see what you can do for yourselves. I proffer three keys to credit unions’ success that are under your control.

Awareness

During the recent White House Cybersecurity Summit, MasterCard discussed its partnership with the $7.3 billion First Tech FCU for biometrics development. The new service will identify consumers by a combination of biometrics technologies, including voice and retinal scans, to verify point of sale and remote purchases. As if the technology weren’t sexy enough, a major card firm chose to work with a credit union to make these breakthroughs! Huge victory! Way to go First Tech FCU to prepare and create this opportunity for your credit union, but also represent credit unions in a very tech savvy role! And in creating this opportunity, it is presented at the White House Cybersecurity Summit, where credit unions were held in the same regard as massive players, such as Apple, Walgreens and PayPal! The status of the event practically guaranteed news coverage to reach members and nonmembers alike! Attended and addressed by the president of the United States no less! I don’t like exclamation points, so can you tell I’m excited about this!!!!!!!

Credit unions always have had a critical awareness issue. Consumers think they are unions or you have to be a member of a union to belong, and if they can’t get past that, they likely don’t know about the benefits of credit union membership. CUNA research found as much.

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