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CUNA Research Reports

CU Snapshot

 Oct '17Sep '17
# of CUs5,8155,849
Members
(millions)
113.4113.2
Total Assets
($ billions)
$1,389.5$1,390.9
Total Savings
($ billions)
$1,168.6$1,107.9
Net Cap.
Assets
10.8%10.7%
Loans to Savings83.1%82.1%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

Consumers Reward Social Responsibility

Market your CU's impact on its community.

Marketing your credit union's socially responsible mission can be an effective strategy in today's marketplace, according to a recent Nielsen survey.

Key factors, according to the survey, that "very heavily" or "heavily" influence consumer purchase decisions include:

"Brand trust and reputation are paramount," says Nielsen's Carol Gstalder, senior vice president, reputation and public relations solutions. "An excellent reputation makes it far more likely a company will be welcomed into new communities; partner with the most respected nonprofits working on issues consumers care about most; and be a go-to source for products and services."

Consumers are even willing to pay more to do business with socially responsible companies.

Sixty-six percent of respondents say they're willing to pay more for products and services that come from companies committed to positive social and environmental impact, up from 55% in 2014 and 50% in 2013, according to Nielsen.

CUNA's research reinforces consumers' preference for social good businesses, especially among millennials.

But getting millennials to switch to a credit union can be difficult because they lack awareness of these local financial institutions, and they believe they can't receive products they need, according to CUNA's 2015-2016 National Member & Nonmember Survey.

"Such perceptions remain huge challenges for credit union membership growth," Haller says. "Credit unions need to continue to find creative ways to tell their story, particularly to young adults who are vital to the movement's future sustainability."