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Tuesday, June 15, 2010

Taking advantage of discontent: Some credit unions make their move

Last weekend, a story in the New York Times made public a trend you may already have noticed: Credit unions are starting to encourage new customers from the pool of people who might be discontent with traditional banks. To read the story, just click here.

Implications: Any negative publicity or incident can spark churn in a company or category. And whether or not they were involved in causing the meltdown that led to the great recession, many conventional banks are paying a PR penalty right now.

I interviewed a banker, recently, who expressed frustration that while it was the risky behavior of select investment banks and mortgage lenders that largely fueled the great recession, all banks are public relations victims of the mess.

Interesting. If something negative happens in your category (think automotive recall or oil spill), is the damage limited to the companies involved, or should you step into the mix to state your role or innocence in the event… or why your company is an exception within the category?

Mike Anderson

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