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credit union difference: A new educational initiative, The

The National Credit Union Values Campaign has been a tremendous success so far. During the past three years, credit unions, leagues, and credit union suppliers have contributed more than $3 million to develop eight public service announcements, which have aired on television stations and cable systems nationwide. These award-winning spots have memorably depicted the values behind credit union philosophy.

Although this accomplishment is an exciting step for the credit union movement, building upon this success requires keeping a keen eye on the marketplace, and tailoring communication strategies accordingly. To that end, the Values Campaign is looking toward a more specific goal: to educate consumers about the difference between banks and credit unions.

Before opening savings accounts, taking out loans, or making investments, consumers must decide whether they would rather deal with a credit union or a bank. It may be their single most important financial decision ever.

Unfortunately, many people-including many credit union members-don't understand the fundamental differences between credit unions and banks. Often, consumers choose financial institutions on the basis of particular products or services. A checking account here, a car loan there, an investment somewhere else. This is something like going to one doctor for your elbow, another for your back, and a third for your knee. Each choice might make sense by itself, but which provider will look after your overall health?

The distinctions between credit unions and banks count most when choosing a primary financial institution for a long-term relationship. The future of credit unions depends on the movement's ability to educate consumers about how differences between credit unions and banks affect consumers' overall financial well-being.

Since 1995, public service announcements from the National Credit Union Values Campaign have raised the profile of credit unions nationally and established a solid foundation for further public education. Up to now, the campaign has focused on credit union values, the source of credit unions' unique ownership structure, and social responsibility. The recently announced marketing relationship between the National Credit Union Foundation and the Children's Miracle Network demonstrates these values superbly.

The Campaign for Consumer Choice also has helped. It is based on the assertion that people have the right to choose the kind of institution from which to obtain financial services. But consumers will make the best choice only if they're informed about the credit union difference.

To meet this need, the Values Campaign Task Force has adopted a communication strategy that includes a public education campaign, now in development. This educational effort will focus on the choices consumers have between banks and credit unions, and also will serve as a bridge to new marketing initiatives in which the goals of the original Values Campaign and the current Campaign for Consumer Choice converge.

This year the Values Campaign will pilot the new public education program in representative markets, measuring the results to evaluate effectiveness. The next step will be to take this educational initiative to a national level. For more information, contact campaign administrative staff at (800) 356-9655, ext. 5778.

-The National Values Campaign Task Force includes: Chair Holly Herman, president of Kraft Foods FCU; Juli Anne Callis, VP of business development and emerging technology for American Electronics Association CU; Dan Egan, president of Massachusetts CUNA CU Association; Dick Ensweiler, president of the Texas CU League; Paul Horgen, president/CEO of IBM Mid-America EFCU; Larry Knoll, president/CEO of 66 FCU; J David Osborn, president of Anheuser-Busch ECU; and Carl Stewart, CEO of Water & Power FCU.