What Reddit users say about banks vs. credit unions

Do you really want to know what people think about your credit union–or why they’re choosing a bank instead? Reddit’s popular platform allowing users to post and discuss topics openly might just be the answer financial institutions have been searching for in regards to honest, unbiased feedback. We’ve read over recent feeds to share the highlights, and how your credit union could benefit from the information.

They’ve Got Money on Their Mind

What We Found:

It doesn’t really come as a surprise that people discussing personal finances are focused on how much money they’re earning or spending at a financial institution. Comments ran the gamut from fees, credit card minimums to earn rewards, or which places were easier to get loans from. But within all that discussion, a couple of topics stood out. The most discussed was how much individuals were earning from their checking or savings accounts. The other was how much they were paying in fees.

What We Can Learn:

The most amazing thing to read was the happiness that could be seen when people were sharing their positive experiences regarding these two topics. Whether it was touting the rates their financial institution had been offering them, the waved ATM fees, or debating where bank or credit union profits go, many were happy to give a little referral to their financial institution.

Realizing that within all the discussions it was more important for people to bring up the money they were earning, versus how much they were being charged, is also a small bit of insight into your member’s mind. Knowing their priority for a financial institution can give an edge on how to speak to them.

Why Technology and Trust Matter

What We Found:

While some people focused on personal service, and others felt convenience was key, the way technology and security play into all the areas is very important to everyone. This could be seen in several different viewpoints: some comments were about employee honesty at their institution; others based their choice solely on the security measures taken to protect accounts. Tech discussions also included how accessible their money was: 24/7 banking options, customer service availability, ease of accessing while traveling, etc.

What We Can Learn:

Your credit union may have the security, accessibility and online choices for every type of person, but if they don’t know about it, you may as well not have them at all. If Reddit users need to defend their credit unions’ convenience and security features, it could be a telling sign where marketing and communication could be improved.

Everyone Wants Something Different

What We Found:

Overall, there wasn’t a completely clear winner or loser as the financial institution of choice. Instead there were a lot of people agreeing that the best choice had a lot to do with personal financial needs. One thread in particular, a user wanted specific advice for his current life situation, and many were quick to point out which benefits or services might suit him best. Also many comments would have something to the effect of, “this is what works best for me” when talking about their choice.

What We Can Learn:

In the end, there will never be a one-size-fits-all financial package for members. That’s why your credit union has options. The most important thing then, is to make sure your members, and potential members, know those options exist through proper marketing. Customer referrals and positive word-of-mouth are both great, but they can’t work alone. Bottom line is, people will continually search for the best options–it’s important they are informed and aware you can offer exactly what they’re looking for.

References:
https://www.reddit.com/r/personalfinance/comments/66i35u/when_is_a_credit_union_preferable_to_a_bank/#bottom-comments
https://www.reddit.com/r/personalfinance/comments/5jzlry/what_is_the_difference_between_a_credit_union_and/#bottom-comments
https://www.reddit.com/r/personalfinance/comments/54de3n/credit_union_vs_major_bank/#bottom-comments
Ben Prager

Ben Prager

Prior to forming Prager Creative, Ben worked with design studios, branding firms and advertising agencies to push great strategy and design for all his projects. His experience with all aspects ... Web: www.pragercreative.com/creditunions Details

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