Role: Strategy For: Miami Ad School Toronto
Brief: Develop insights about the urban Millennial/Gen X bank customers, that Credit Unions could leverage in an awareness/conversion strategy
Client Need: Increase awareness and create preference with younger, urban non-Credit Union users (bank customers)
The Issue: An aging, more rural member-base, Lack of Awareness, Lack of understanding Entrenched, extremely dominant competitive set (the Big 5 banks: TD, RBC, BMO, CIBC, SCOTIA)
Methodology: We worked on desk research, interviewed CCUA communication department, visits to different credit unions in GTA and chats with Millennials. We were able to identify persona and build customer journey in order to come with recommendations.
- Only 1% of consumers rank social responsibility as the most important factor when thinking of a financial institution
- The credit unions are actually communicating all of the time about the cherry but missing the cake.
- Millennials think “I think of myself as an individual first, a community member second.”
What are people looking for?
- Value for money
- Convenient branch locations
- Recommendations from friends/family
- Products offered
Recommendations: Credit Unions have spent too long focusing on their mission at the expense of focusing on communicating the needs of their members/future members. If they want to remain relevant we suggest the following options:
- Benefitting the community benefits the individual.
- Benefitting the individual benefits the community.
- The actual product offering benefits the individual.