retail news in context, analysis with attitude

by Kevin Coupe

Interesting and Eye-Opening statistic from the Seattle Times, which reports that Washington State “credit unions signed up 1,430 new members and took in $2.9 million on Bank Transfer Day, the Northwest Credit Union Association said Wednesday.

“Across the country, some 40,000 people moved about $80 million into credit unions Nov. 5, according to the Credit Union National Association, which surveyed 1,100 credit unions.” November 5 was designated as the day for people to switch their accounts out of big banks as a way of registering discontent with the financial services industry.

The story goes on: “Between Sept. 29 and Oct. 31, credit unions in Oregon and Washington saw 34,000 new members, a figure equal to more than 30 percent of membership growth in all of 2010, the national association said. It estimates that 650,000 consumers nationwide joined a credit union during the period.”

The lesson is that anger does move people. The possibility is that people are only going to get more angry, and it will spread beyond banks to other “establishment” institutions ... and marketers need to take heed and keep their Eyes Open.
KC's View: