LONE TREE, Colo.–Canvas Credit Union has launched a “B.S. Free” campaign it says it designed to remind Coloradoans they can “eliminate financial jargon” from their interactions. In this case, the B.S. stands for “Bank Slang.”
According to Canvas, the campaign stems from research and survey findings conducted by the Filene Research Institute that found both existing and potential members expressed they wanted a financial institution that uses simple, clear language when discussing finances.
Canvas said banks and credit unions alike have “historically used language that can make understanding financial options confusing. Frequently used industry jargon and acronyms can result in unclear and unsuccessful efforts to bring financial wellbeing and confidence to their communities.”
The credit union added that changing this paradigm is one part of its commitment to transform financial services.
“Our mission at Canvas is to help Coloradans afford life by standing shoulder-to-shoulder with our members through their financial journeys,” said Tansley Stearns, chief people and strategy officer. “This means we’re going to give it to you straight- no confusing industry terms, no hidden costs or fees, and, most importantly, we truly listen to our members’ unique stories, and won’t try to offer you anything you don’t need.”
The B.S. Free campaign was launched with a TV spot during the Super Bowl that was written and produced by Canvas’ in-house marketing agency. The spot features Canvas employees as actors and “reminds Coloradoans of Canvas Credit Union’s commitment to serve the community with a wholehearted and delightfully off-beat approach.”
Part of Rebrand
According to Canvas, removing financial jargon from the Canvas experience has been an ongoing initiative since its rebrand in September 2018.
“It is a commitment to ensure that every branch in Colorado, as well as all member resources and communication, are easily comprehendible by eliminating confusing industry-specific acronyms and jargon,” the credit union said. “The ‘Bank Slang’ is being removed from the organization’s language, and will only be used when properly defined and explained.”
To keep itself “honest,” Canvas said it has called upon their members to help in the search-and-destroy efforts, and report any B.S. they see at Canvas.
“At Canvas, we’re committed to being B.S. Free, and making your finances easier to understand,” said Stearns. “Being approachable and understandable is a part of our brand DNA, because it’s what people said matters. We heard Coloradoans loud and clear, and are taking action to make their financial lives easier so they can go live.”
The $2.7-billion Canvas has more than 250,000 members.
The campaign can be found at www.canvas.org/BSfree.