Advisors at Ontario’s credit unions may be nipping at your heels, if a new awareness campaign proves successful.
The Credit Unions of Ontario campaign, launched Monday, aims to boost awareness among Ontario residents, who seem to barely know what credit unions are, let alone what they do.
A recent survey revealed that just one in five Ontarians, or 19 per cent, could name a credit union, while only one-third, or 36 per cent, of respondents understood the services they offer, how they function and differ from other financial institutions.
Hence, the need for a campaign, explains the President and CEO of Libro Credit Union, Stephen Bolton.
“It has certainly become apparent for us that, in the province of Ontario, credit unions aren’t well known or understood as compared to other provinces,” says Bolton. “We thought it was incumbent upon ourselves to raise the awareness profile so that Ontarians knew there was an alternative financial services group that does things in a cooperative manner.”
The campaign will include advertising on the web, via social media and on TV with a push to change the perceptions and attitudes towards credit unions, while revealing the benefits of this alternative form of banking.
“Cooperative and banking are two words that don’t necessarily go together,” explains Bolton. “The campaign is all around that concept, informing people about what credit unions are and how relevant they are in the marketplace today, so that when people make a choice on their banking services, they will think of us first.”
So, what’s the big threat to advisors, you ask? (continued.)