The news: Unionization, still relatively rare in the US financial industry, has been picking up steam in recent years.

• Beneficial State Bank, Genesee Co-Op Federal Credit Union, and Lake Michigan Credit Union have unionized, per Employee Benefit News.
• Wells Fargo has seen growing unionization movement—with employees at one branch in Albuquerque, New Mexico, unionizing in 2023. And its conduct management investigators voted to unionize in December 2024, per Banking Dive.

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.

This article is part of EMARKETER’s client-only subscription Briefings—daily newsletters authored by industry analysts who are experts in marketing, advertising, media, and tech trends. To help you finish 2024 strong, and start 2025 off on the right foot, articles like this one—delivering the latest news and insights—are completely free through January 31, 2025. If you want to learn how to get insights like these delivered to your inbox every day, and get access to our data-driven forecasts, reports, and industry benchmarks, schedule a demo with our sales team.