CUNA National Voter Poll: Great Data, No Audience

Transcript:

Today we're going to talk about CUNA’s 2022 National Voter poll, some really great data in there that can really support why credit unions are the best financial option for consumers. For example, 90% of all credit union members say their institution makes it easy for them to manage their finances. And I looked at this data and I was questioning it because, you know, 90% of credit union members, it doesn't say primary financial institution credit union members, merely credit unions, so credit union members are 1.2 times more likely to respond “very positively” to the idea that their financial institution makes it easy to manage their finances.

However, CUNA did dig down deeper and say over half, 54%, of credit union PFI members say this is also the case, making them 1.4 times more likely than nonmembers to report that they feel strongly about the difference their institution makes in reducing financial friction and spending money wisely. In fact, credit union PFI members rated higher in all categories versus general credit union members versus nonmembers, including making it easy to get a loan, and overall, they felt their credit union had a positive impact, “very positive” impact, on their financial wellbeing.

So, then why our service satisfaction numbers slipping for the last five years below the banks?

Why did a 2019 Kasasa poll find that just 16% of consumers consider their credit union their primary financial institution?

And why then hasn't credit unions market share increased?

As I frequently beat the drum, we need to do a better job of getting the story out. And as credit unions primary advocates, CUNA, one of the major trade associations. This report has great information in it that will really illustrate the benefits of credit unions.

Who wouldn't see this and want to become a member?

Who wouldn't be a reporter seeing this report and want to do some research into it, to do interviews to talk to credit union people to talk and get the individual stories that your credit union has?

None of them as far as I can tell.

Google, I invite you google, google “CUNA 2022 National Voter Poll,” and the only results you will find are a couple of leagues – not even CUNA’s posting of it comes up in the results. Not sure what's going on there, but it sure as heck isn't really making a big digital splash.

So, I searched to the more generic “2022 poll on credit unions.” CUNA and some trade press articles appear; no other news coverage.

We're very good at talking to ourselves.

But right below those, you know what did appear? A new community banker poll on, guess what? The credit union tax exemption.

So, is this survey being leveraged to help credit unions as much as it could? There doesn't appear to be a comprehensive communication strategy. The data don't even appear on YourMoneyFurther.com that I can find in any way, shape or form.

Is this yet another example of trade association tit for tat as they struggle to prove each other's raison d'etre at the expense of educating consumers about the benefits of credit unions?