Serving the underserved: ‘That’s relevance’

first_imgIf your credit union disappeared today, what would become of your members?Scott Butterfield, principal at Your Credit Union Partner, posed that question to CUNA Management School students in Madison, Wis., to encourage thoughts about their credit unions’ relevance.Chances are, members would take their accounts to another credit union, or even a bank, he says. That’s because financial services are virtual commodities to consumers today.Now, consider if those members were underserved segments of the population. Members would have to turn to payday lenders for quick-fix loans at exorbitant rates.For transportation, members might look to “buy here, pay here” car lots for overpriced, unreliable vehicles at equally untenable loan terms. Members who rely on microenterprise loans to finance small business would be forced to look for low-paying jobs that barely cover expenses. continue reading » 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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