Is it time for credit unions to expand the concept of helpingconsumers live within their means to include green efforts?

“The ROI opportunities around sustainability include, amongothers, positive public relations, cost savings, talent acquisitionand access to new markets. Corporate social responsibility canattract a cadre of dedicated, profitable members, while extending apositive halo around the entire credit union,” said Filene ResearchDirector Ben Rogers. “Credit unions are in danger of missing out onan important trend in consumer demand: the expectation thatbusinesses should provide value both to the individual customer andto the broader community.”

He added that sustainability is like any other initiative. Itneeds its own goals, its own champions, and its own resources if itis to be more than just another flavor of the month.

In a new Filene report, “Credit Union Social Responsibility: ASustainability Road Map,” author Coro Strandberg, a former chair ofVancity Credit Union, outlines how credit unions can tap intosocial responsibility. The report includes a 10-step plan and casestudies to help credit unions determine how they can makesustainability improvements regardless of their starting point.

According to Strandberg, credit unions need to consider how bestthey can leverage their unique competencies as financialinstitutions to build their business and enhance

community and environmental welfare. They also need to look hardat the ways in which lending, deposit-taking and the other servicesthey provide enhance or impede environmental and communityprogress.

“This is a critical time for credit unions to re-imagine theirsocial contract with their employees, members and communities. Manyare coming to discover the opportunity to use sustainability as amarketplace differentiator,” said Strandberg.

Filene Research Institution Chief Innovation Officer DeniseGabel said the question of how credit unions can lead insustainability helped spark two i3 team innovations: “The Leap,” aWeb-based tool that calculates and educates members on how to savemoney by making smart green choices, and the “Green Feat Rewards”program that motivates members to make socially responsiblepurchasing decisions.

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