Payment Industry Insider

Sound familiar? It should! These words form the very core of what credit unions are. But alas, they have almost been lost to a today world.

I was stirred up recently by a series of email notes exchanged among many DE (CU Development Educators) colleagues. It all started with a DE’s post seeking help in a situation regarding marketing and the balance between a credit union’s mission and profit. It seems that the DE was chided a little for her insistence on promoting the client’s need to consider business and communication choices that embrace the mission of the credit union, instead of focusing exclusively on profit. Her marketing peer was promoting the philosophy of only focusing on what the client (CU) asks for, which was almost exclusively profit

The posts that were in response were excellent encouragement. They recalled the foundation principles credit unions have been born out of. They recalled the history of credit unions, the rough times and the role credit unions played in the deliverance of members from trying circumstances.

It kind of lifted me to hear so much conversation about what being a credit union is all about. And some ideas under scrutiny were brought up: about “Gen Y” – the demographic group every “peddler” is drooling over and chasing after. The DE who brought this up said the CU philosophy appeals to “Gen Yer’s” and they would be likely to respond favorably to credit unions. But you gotta tell’em who you are and what you do. And another idea, CUSOs, is being re-visited. That CUSOs are at the very foundation of keeping the movement alive was a main theme at a recent NACUSO conference.

CUs have some good ones (stories, that is), ones that people will respond to, because credit unions have the reputation of a straight shooter.  But credit unions have to live this philosophy and that’s kind of a “fly in the ointment” right now. It seems that many credit unions are not – living the philosophy – right now.

I think credit unions can grow and prosper – for their members – but…there always seems to be a “but”, doesn’t there? - but, CUs have to live the philosophy. If the CU difference is swept under the rug, credit unions become just another financial institution. Choose business partners wisely. Cultivate the culture of your office so that it is in the air every employee breathes.  Be honest with members by living the philosophy.

Tell ‘em about ‘Not for Profit, Not for Charity, but for Service’. Tell ‘em stories about that philosophy in action.