The Credit Union Difference: Let’s Brag About It
Credit Unions are continuously competing with larger corporate financial organisations. It can be tough for any local business to compete with those who have big budgets to throw around. Credit Unions have one factor that help them win and that is ‘The Credit Union Difference’.
It is not simply comprised of one aspect but a wide range across Credit Union policies, procedures, ethos, culture, integrity, volunteerism and the list goes on but how can a Credit Union capitalise on these differences to create greater awareness and better serve their communities and members? Credit Unions need to brag more about what makes them the best place to go to for savings and loans.
It’s better to save with the Credit Union. Why?
When members save with a Credit Union their money is helping those in their community who might find it difficult to get a loan from a bank. This way, members support their community whilst knowing their money is safe. Almost all Credit Unions offer automatic Life Savings Protection Insurance, this is a service that is too often unknown to the members. According to our research*, 76% of adults in the UK believe it is moderately to extremely important to give financial security to their family in the event of their death, yet over 62% have no form of life cover in place.
The death of a family member is always a tough time for loved ones, and the expenses that can fall to them can add unnecessary worry at a very difficult time.. Life Savings Protection Insurance can be an enormous help to a member’s family, providing a lump sum at a time when it is needed most. When one considers that 69% of UK adults have made no provision for end of life expenses this is most definitely a key bragging point for Credit Unions.
It’s better to borrow with the Credit Union. Why?
Borrowing from the Credit Union, in the same way as saving, is a great help to the community by generating Credit Union income and helping to fund their services. This is instrumental in the Credit Union’s ability to support local clubs and organisations.
Credit Union borrowing also provides great peace of mind, with Loan Protection providing a safety net that prevents families being burdened with debt following the death of a loved one.
Let’s brag about it!!!
These are just a couple of the key aspects of The Credit Union Difference and to help Credit Unions brag about them we have created this video to help them do just that.
Let’s not keep the Credit Union Difference a secret – we should be shouting it from the rooftops!
*Aurora Market Research – UK Omnibus Survey 22/2/19 to 26/2/19