The $834 million Unitus Community Credit Union in Portland,Ore., recently shared its ideas and success stories with SatoshiUchida of Ibaraki University, a prominent Japanese bankingexpert.
|Unitus Community was selected to participate in a study on theimportance of relationship banking because Japanese leaders fearthey are losing the connection to individuals and localcommunities.
|Banks in Japan are becoming both fewer in number and larger insize, sparking concern that financial institutions are increasinglyless personal and accountable to those they serve.
|Part of the problem is that Japan is largely a cash-basedsociety. The vast majority of the population either does not havecredit or debit cards, a problem in a country where many people,especially elderly ones, still hide their cash at home. Accordingto one estimate, about $350 billion worth of yen doesn't circulate.The term for this hidden money in Japanese: tansu yokin.Or literally, wardrobe savings.
|“It was a pleasure to meet with Dr. Uchida and share the Unitusvision for building, strengthening and enhancing the lives of thosewho live and work in the communities we serve,” said UnitusPresident/CEO Patricia Smith.
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