Sep. 23, 2008 at 4:50pm

Shame on you

Posted by Melina Young in Strategic Communications, Talking to Members
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YES CU Blog’s newest post has a link to a survey conducted by Coinstar (and posted on CUNA’s Web site) on what consumers want from their financial institution.

The survey shows people would like their financial institution’s branches to look like today’s coffee shops and retail stores, and most are happier standing in line at their financial institution than they are waiting at the post office. (Agreed. Watching the dust gather while facing the line in snail mail land is definitely one of the last places I want to be).

However, the point I found most interesting was this:

“33% of the survey respondents don’t want their credit union or bank to know them by name.” Say, what? Haven’t we all been working on generating this great customer service differentiator in our branches? I understand of course, that if 33% don’t want it, then 67% are in favor of this service.

My question is, “Why?” Why don’t these people want to be known by their credit union or bank? Is it because they are ashamed of their financial situation and don’t want to open up to feel like everyone knows their problems? It is very possible. I had some conversations with cu folk at the Washington Credit Union League Convention this past week that argue my point.

A representative from one credit union said, “We have a teller who all our members love and are good friends with. She knows most of our members by name, but no one wants to go to her for loans because they are worried she will judge them for their financial status.”

Another credit union employee said, “Finances have become associated with shame.”

Ouch.

It’s true, though – high debt, no savings, bankruptcy – these are all “hush-hush” topics that no one wants to actually talk about. The truth of the matter is: if the people in these situations went to their credit union directly, most could turn it around before having to “declare” anything.

How can credit unions show people that financial hardships aren’t shameful? Is there anything you’re doing to reverse this assumption?

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