We think we are a good fit !
Today in Canada there are approximately :
326 Credit Unions working with approximately 5.3 million members in approximately 1,741 different locations who also happen to contribute approximately $35.6 million in the form of financial donations, scholarships in kind donations and volunteerism to the communities they work with.
The Brand Attributes & Values that Co-operative Banks and Credit Unions all share that make them a little different have to do with the importance they give: Community, Participation, Social Responsibility, Customer Service, Ownership, and ..Profits for a higher purpose.
It’s a “here to serve attitude” which we both appreciate and share.
Co-operatives and Credit Unions ensure members are front and centre given that those members are also the Shareholders which also explains why most often… fees are a little lower, interest on savings are a little higher, Giving Back to the local Community is a Bigger priority and those who might be under-served elsewhere are often served very nicely…thank you.
Not unlike many financial organizations today, however, the challenges are many for Co-operatives and Credit Unions:
- How to Differentiate in a very busy marketplace
- How to attracting younger generations (including heirs/next generations)
- How to maintain or improve member retention by meeting member needs
- How to show innovation
- How to continue to show relevance and value
- How to do more/be more with existing clients
Unlike their larger competitors, Canadian Credit Unions also have to work hard to maintain that higher member/customer satisfaction rate that the Annual Ipsos Best Banking Awards Survey has bestowed upon them for 9 years straight by being First in Overall Customer Service Excellence. The Pressure !
LegacyTracker offers many benefits for users (and their families) which all centre on simplifying, safeguarding and sharing important information that can make a difference. It’s a Personal Financial Management Tool that goes beyond Finance and into Estate Planning and being prepared for a What if scenario that no one wants to think about. It’s about working towards reducing the alarming growth in Unclaimed Financial Assets that are estimated to be somewhere in the neighbourhood of $63 Billion + in North America.
That’s why we think offering LegacyTracker to Members would be another Big way that Credit Unions can demonstrate Customer Advocacy.
Customer Advocacy as defined by Foresters is shown when customers feel that their firm does what’s best for them, not just the firm’s own bottom line
Customer Advocacy is a really BIG deal that many of us are looking for today. Foresters for the last 10 years has indicated that it’s a key driver of customer relationships and loyalty in the retail financial service market which yields the most sustainable revenue growth. In their most recent report, Foresters has suggested that Customer Advocacy is not just a strategy but an imperative now and a necessary competitive advantage.