What’s in a name?
Shakespeare asked that question but right now lots of credit union leaders are doing likewise. For good reason. The institution’s name may no longer suit the present realities as SEGs fade away, geographic bases shift and sometimes, just maybe, there’s a sense that a more timely name might well have greater appeal for millennials and Gen Z who are the future.
Enter Phil Davis and North Carolina based Tungsten, a branding company that has helped hundreds of businesses change their names including a number of credit unions. Among Tungsten’s clients are Additional Financial, a rebrand of the former Central Florida Educators Federal Credit Union, as well as Radiant Credit Union, a rebrand of the former SunState Federal Credit Union.
Also on the list is Skyla, formed after Charlotte Metro Credit Union and Premier FCU joined and opted for a new name.
Davis says he expects more credit unions will knock on his door as they realize something has to change if they want to stay relevant…
Of course, it’s not just the name – often the credit union has to also change how it does business and impose a more digital attitude – but now is a time when we are indeed likely to see a growing number of credit unions opting for a makeover.
In the show, Davis tells what’s involved, how long it usually takes, how much it costs, and what benefits typically result.
