Building credit unions, building trust

by | May 11, 2020

The economy is in free fall, the markets waver unpredictably, and across the country, young adults and new college grads are grappling with a bleak job market and an uncertain future. Now more than ever, Americans want to put their money somewhere they can trust.

Still, the majority of young adults don’t know the defining characteristics of a credit union, or even the ways that selecting a financial institution can have an impact on their financial futures.

Credit unions are more than just another financial institution, they’re communities — and communities function best when members know, trust and understand one another. 

So how can you build a better credit union by building trust? 

  1. Educate. The majority of Americans don’t know the difference between their local credit union and the national bank branch on the same street corner. Can you really blame them? They don’t exactly teach you how to build credit or compare interest rates in grade school. Education — the kind that Zogo provides through our easy-to-use app, about basic concepts like budgeting, insurance and taxes —  builds implicit trust. And more educated = more engaged.

 

  1. Reach Out. Young people have an interest in taking charge of their finances — most of Zogo’s users are in their mid to late 20s. But the average age of a credit union member is decades older. By connecting to millennials and Gen-Zers, credit unions can build long-lasting relationships with the drivers of the new economy, and young people who are searching for institutions they can trust in such uncertain times. 

 

  1. Adapt. Credit unions across the country are known to be slower to adapt new technologies than their bigger-bank counterparts — but consumers are increasingly seeking financial solutions that fit into their digitally driven lives, especially as the coronavirus pandemic drives nearly every industry into the digital space. At Zogo, our digital-first financial education app streamlines users’ decision-making and strengthens their financial confidence. Meeting members where they are helps your credit union play a more active role in supporting their financial futures, and builds your credit union community for years to come. 

Ultimately, credit unions exist to serve their members. Zogo wants to help. 

 

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