Are you helping your members thrive?
How are your members doing with their finances? If you had to guess, what proportion of your membership is financially healthy? In other words: how much of your member base is spending, saving, borrowing, and planning in a way that allows them to be resilient and pursue opportunities over time?
In my conversations with credit unions, estimates run the gamut. Part of this is about the unique needs of each member base. A bigger part of it is a lack of tools for properly measuring financial health.
As Peter Drucker said, what gets measured gets managed. And it’s impossible to improve member financial health without a solid measure of strengths and opportunities.
Knowing exactly what your members need to thrive financially helps you connect them with the right products and services. And tracking their progress over time allows you to measure your own impact as a credit union.
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