Why This Matters for Credit Unions Today
It’s not hard to find headlines showing that the credit union industry is at an inflection point. Despite significant industry-wide campaigns to raise consumer awareness, NCUA data shows 56% of all credit unions, and 60% of those under $1 billion in assets, lost members in 2024. A contributing factor to this declining member growth is that today’s consumers have more choices when it comes to selecting a financial provider and the way they do and think about banking has completely changed.
Due to expanding fields of membership which have removed built-in, well-defined audiences, credit unions today are faced with increased competition with each other on top of a growing number of fintechs, big banks, and non-financial players who can offer newer technology and more nimble products. With everyone targeting the same consumers, the pressure to articulate and show what makes not just the industry, but each individual credit union, truly distinct has never been greater.
Also, the way consumers do and think about banking has transformed. With the act of banking fading into the background through digital wallets, embedded finance, and agentic commerce, credit unions face a genuinely tough question: how do you build lasting brand loyalty in a part of someone's life that's becoming increasingly invisible?
What Makes Credit Unions Uniquely Distinct?
That's exactly what Filene Research Institute's newest Center of Excellence, the Center for Differentiation & Storytelling, was built to answer. It starts from a simple idea: you can't out-story a value proposition you haven't defined with data. As Christie Kimbell, EVP of Filene, put it, “storytelling without differentiation is just noise.”
Three pillars driving the work:
- Member Understanding. What members actually value, backed by real data.
- Clear Differentiation. A value proposition that holds up against evidence, hard to replicate because it's rooted in who you serve.
- Compelling Storytelling. Narratives that break through without lecturing people on what a credit union is.
Leading the research is Dr. Jonathan Zhang of Colorado State University, serving as the center's Fellow, helping credit unions translate data and behavioral insights into strategies that drive real growth. Dr. Zhang brings deep expertise in consumer behavior, brand strategy, and marketing science, making him uniquely positioned to tackle the questions at the heart of this Center's mission.
What excites me most about this work is helping credit unions move beyond assumptions about what their members value and use real data to build differentiation strategies that will resonate and last.
Colorado State University
Eleven Organizations Are Stepping Up to The Challenge
While the industry continues to lose relevance, eleven leading credit unions and leagues committed as founding center sponsors to explore this issue: American Airlines Federal Credit Union, American Eagle Financial Credit Union, America's Credit Unions, Coastal Credit Union, FourLeaf Federal Credit Union, GoWest Credit Union Association, Kinecta Federal Credit Union, OneAZ Credit Union, orsa credit union, Visions Federal Credit Union, and Westerra Credit Union.
Tansley Stearns, President and CEO of orsa credit union, put it plainly: “credit unions have always changed lives, the world just doesn't know it, and that's not a program problem, it's a story problem.” Meghan Burris, Chief Communications and Marketing Officer for America's Credit Unions, added that “together, we’re strengthening how the credit union movement tells its story, demonstrates its unique value, and builds deeper understanding and trust among policymakers, members, and the communities they serve.” Reinforcing the importance of data Lori Hall, SVP, Member Experience at American Airlines Credit Union stated, “I believe every credit union has a story worth telling and data helps us uncover what makes each story unique and meaningful.”
When we talk to credit union leaders, they’re eager to invest in marketing and brand, but the most compelling storytelling in the world can’t compensate for a value proposition that isn’t clearly defined.
Filene Research Institute
From Indistinguishable to Unforgettable
Filene’s Executive Vice President, Christie Kimbell captured the spirit of this new center, “When we talk to credit union leaders, they’re eager to invest in marketing and brand, but the most compelling storytelling in the world can’t compensate for a value proposition that isn’t clearly defined,” said Christie Kimbell, Executive Vice President of Filene Research Institute. “This center will help credit unions figure out exactly what makes them worth choosing, before they work on how to say it."
