Since their inception, credit unions have ensured economic prosperity and fairness for the communities they serve. They provide affordable financial services to everyone, and especially help underserved, underbanked and diverse communities in rural and urban areas. They protect families from predatory lenders and help everyday Americans achieve their dream of becoming financially secure. Credit unions assist working families, for example, by sending their children to college with lower-cost student loans, and help grow the local economy by expanding small business loans.
A Holistic Approach to Financial Well-Being
Credit unions continue to grow as a favorable option over banks as they keep putting their money where their mouth is in more impactful ways.
They’re accomplishing this with a four-step framework:
- Commit
- Learn
- Plan
- Act
Credit Unions are Committing to the Community
The best credit unions across the country have one thing in common – a commitment to put the financial well-being of their account holders and communities first. A “financial well-being for all” strategy has taken hold amongst credit unions as more and more invest in new ways to serve low-income/underserved groups in their communities. The first step for a credit union to impact the community is committing to starting an internal conversation about financial betterment for all.
Credit Unions are Learning and Adapting
The demographics in credit unions across the country are changing. New generations and new demographics mean new ways of meeting people where they are in their financial life without judgment. The focus has shifted to educating and helping people where they are today and being a trusted financial partner and guide along their financial journey. Credit unions are also using new tools and technology to access and learn about the communities they serve to enhance life for all.
New Plans of Action
As credit unions learn more about their account holders and their unique needs, they are looking at their products and services with new eyes. They align product design, service delivery, and marketing messaging to fit account owner experiences. Not only are they doing this for their account holders, but they are also helping their employees with financial fitness and life enhancement programs. When you take care of your people, you create a solid bedrock of strength and empowerment to take care of others.