Creating value through leadership
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As credit unions, we are always on the hunt for new and exciting ways to share our value with our members. Our competition with our Wall Street rivals is fierce in all categories: maintaining top-of-wallet / top-of-app status, brand recognition, and price point to name a few. While big banks may be able to leverage their large economies of scale to their advantage, credit unions have the unique opportunities to take the lead in a mix of other spaces.
Leaders in Financial Education:
Credit unions provide financial education to their communities in multiple forms, whether it be hosting a high school reality fair or individual credit counseling. The importance of financial counseling is emphasized through financial counseling designations available through CUNA and other organizations. No matter the method, these services are provided free of charge and are serve one purpose: to better serve the needs of their members and communities.
Leaders in Community Development:
Whether or not a credit union is a certified CDFI (community development financial institution), all credit unions operate under a not-for-profit business model that allows them to provide loans at much lower interest rates that a for-profit business model would allow. In turn, members who benefit from these savings can better utilize their income to improve their financial health. As their positive payment history increases, so does their credit score and their ability to impact their local community by way of small businesses and increased personal savings.
Leaders in YP Professional Development:
The credit union industry provides an impressive amount of networking and development opportunities targeted towards its next generation of leaders. Full or substantial scholarships to conferences and education events, otherwise known as “a crash”, are prevalent in state credit union leagues, CUNA and credit union service organizations. The attention credit unions place on the career growth and retention of young professionals continues to go unmatched.