By Frank J. Diekmann
In a way, it’s really too bad. That is, I had been “banking” on the creativity of Canada’s credit unions really being put on display, and looking forward to how they might respond to a prohibition on use of the words “bank,” “banker” and “banking” in any messaging to members and communities.
As CUToday.info has reported, Canada's Office of the Superintendent of Financial Institutions had issued an advisory that restricted the use of those words by non-bank financial service providers. The ruling was a strict interpretation of the country’s Bank Act, and means the federal regulator could bring federal charges against any credit union that uses bank, banker or banking in any way.
But, as CUToday.info was first to report, the regulator is now having second thoughts (after being body-checked by credit unions and some politicians) and is likely to ice the plan. And as I said, that’s too bad.
Yes, it would have been a huge, unbudgeted expense (the Canadian Credit Union Association put the tab at $80 million) to delete some commonly used verbiage from all their marketing, communications, websites, etc. But many of Canada’s credit unions are also some very creative marketers, and I was semi-looking forward to how they might respond. Every few years in CU marketing in the U.S., in large part because there is so much turnover among marketers, there is this great debate on the use of “bank” and whether there is a better way to say “credit union.” Here was an opportunity to see that debate in action.
Could “credit unioning” be a thing? What if every credit union in Canada (or the U.S.) began to say, “do your credit unioning here?” Yes, it’s awkward, at first, but I also believe it would have been powerfully lasting. And just a quick note: “Credit unioning” wouldn’t be something new. Arizona State Credit Union in 2011 rolled out TV spots in which people say they "don’t bank," they "credit union." You can find the spot here.
It’s easy to default to commonly used, almost generic language. Not so easy, but far more effective, is when you are forced to come out of that default position in a new way. Have a slogan or phrase you think might work? Can you bank without banking? Let me know.
Who’s the Real Competition Here?
Speaking of the importance of words, is this what’s become of cooperation? In a rather surprising comparison, when USF FCU unveiled its new Catalyst Member Rewards program, the credit union described its benefits and issued a statement in which one person said, "That is a huge differentiator between our credit union and other credit unions in the United States." Other credit unions? I get that Tampa is a competitive market among CUs, but should credit unions really be taking potshots at their own community? What about “huge differentiator” between itself and the for-profit banking industry
The C Word
And since I’m venting… Received a press release from another credit union that actually read, “While we promote the fact that our customers can do everything from their computer or mobile app 24/7, we still believe in the human element.” Customers! Any faceless company with a mobile app can have customers. Companies that have a difference have members. That’s the real “human element” that differentiates credit unions.
This Is Where Value Lies?
I also received another release announcing that a credit union is “one of the largest in the country.” Is that really your primary purpose and objective? Being large doesn’t drive new memberships. Serving members well is what ultimately helps you to get larger.
No, Seriously, How Do You Really Feel?
But my favorite recent press release goes to this one from a credit union-related project in the U.K., where the founder of an initiative was described this way: “He resigned in 2007 when a large bank and the Anglican church got involved and it turned into a corporate PR exercise for them. Committed staff were sacked and replaced with incompetents. Still a sore point that something so valuable was turned into a bank-funded snow job.”
Perhaps they do things differently in the United Kingdom, but I’m guessing no expensive PR firm was hired to spin that.
Frank J. Diekmann is Cooperator in Chief at CUToday.info and can be reached at Frank@CUToday.info or followed at @FrankCUToday.