Why choose our credit union?

first_img continue reading » In his work with credit unions developing strategic plans and identifying growth strategies, Scott Butterfield of Your Credit Union Partner, Seattle, has come across plenty of mission and vision statements. He uses a single word to characterize many of them:Uninspiring.“We know what we do—we provide financial services. We know how we do it—we provide members-first service and multiple channels. But very few organizations know why we do it,” Butterfield says. “To differentiate ourselves, we need to do more than hang our hat on great service, tout our technology, and write big checks for community partners. Those are all very important, but what we really need to do is change the perception that we’re not all that different from banks.”Some argue for the movement’s not-for-profit, cooperative structure as a great differentiator, but that doesn’t seem to matter to most consumers, he notes. Some tout the commitment to member service, lower fees and favorable rates, but big banks have the scale to match credit unions on rates and invest in superior technology, and community banks have closed the gap on service surveys. Credit unions haven’t even been able to make a persuasive case that they are better for consumers than payday lenders and check-cashing services, notes Butterfield, referring to Lisa Servon’s book The Unbanking of America, which addresses why many people have embraced those alternative financial services. 23SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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