The news: Unionization, still relatively rare in the US financial industry, has been picking up steam in recent years.
What this means for the industry: These union victories at banks and credit unions are likely to inspire other teams in the financial industry to follow suit. With clear examples of successful unionization efforts—including the processes, challenges, and outcomes—other employees may feel empowered to pursue similar actions.
The marketing angle: With slightly more than 11% of US consumers in labor unions, per the Economic Policy Institute, these organizations and their members are a valuable clientele. Unionized financial institutions (FIs) could have an advantage with union members by demonstrating an understanding of their shared values.
This also allows FIs to better relate to union members, offering products and services tailored directly to them—such as specialized lending and credit card options, strike pay management options, and pension management. FIs could use this shared experience to differentiate themselves from competitors.
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