As credit unions explore strategies for outreach to underserved communities, whether they're those mentioned above or others, it's important to keep a few things in mind:

Within every consumer segment, there are sub-segments, each of which has different notions about financial institutions and different ways of managing money. Credit unions will want to do their homework, consult with experts and talk with the community to ensure they are reacting to real versus perceived need.
Establishing trust is a must. One meaningful way to demonstrate sincerity is to add people who represent the community you want to reach to your staff or board. Invest in the cultural readiness of your cooperative so that you are truly capable of serving new members in the manner they deserve from day one.
Consider the two-way benefits of enriching the financial lives of the people your competitors ignore or misunderstand. Engagement with financially underserved communities can do as much for the credit union leader's soul as it does for the person in need of just and honorable financial services.

Credit union leaders will sit down with representatives of the Hispanic, LGBTQ and Gen Z markets at the upcoming THINK 19 conference, organized by CO-OP Financial Services. Being held in Miami, Fla., from May 6 to 9, 2019, a special session of the conference will be moderated by Jean Chatzky, taking place at 1:15 p.m. on May 8. Each panelist will talk about the societal and financial challenges they face, as well as how credit unions have helped and their communities achieve their financial goals.

Instant Insights /

Three Markets for the Second Bottom Line

Related Stories

Recommended For You