We Believe In The Spirit of Main Street
Increased consumer concern surrounding the practices and products of big banks (e.g., Wells Fargo) has created a favorable environment for credit unions. However, the low awareness of credit union brands and benefits has been an impediment to membership growth. By fine-tuning its existing “Great Rates” awareness campaign to more clearly define its brand ethos, PenFed saw the opportunity to increase relevance among both potential and current members.
It became clear talking to consumers that because PenFed answers to “members” rather than “shareholders” they represent a desirable alternative to “big banks.” The competitive rates on mortgages, car loans, and certificates was viewed as a positive. The PenFed core values also were perceived as a positive; specifically, that PenFed existed to help those people who serve our country through military service, public sector employment or community volunteerism “do better” financially.
After testing of a variety of creative concepts, we arrived at a music-driven execution we called “Mainstreet.” The Mainstreet campaign distinguished PenFed from big “Wall Street” banks. The campaign depicts hard working, community-minded Americans, working toward a better life.
At PenFed Credit Union, we believe in the spirit of Main Street and the hard-working people who power our great nation. People who work toward their dreams. People who help each other. People who try harder, so that everyone can do better.