Financial inclusion inherent in credit unions, but action is required
We get it – financial inclusion is a popular subject to talk about these days. Then again, there is good reason for it.
There remain plenty of gaps that still exist when we’re talking about financial inclusion in our nation’s communities, and they can be subtle. Sometimes it seems like just by bringing it up in conversation or write about financial inclusion will suddenly inform everyone about joining a credit union. Unfortunately, just talking about it doesn’t solve the problem.
Credit unions uniquely positioned to drive financial inclusion
The world today finds itself at a critical juncture. As economic growth has greatly reduced global poverty rates, ubiquitous, affordable, and connected financial technology can substantially lower financial exclusion rates. Now, it’s up to the credit union movement to take practical, results-oriented action to make it happen. The structure and financial services that can help lower-income consumers are available; it’s simply a matter of addressing the challenge and partnering with the available fintech to solve it.
The credit union structure – by its very design – is one-of-one when fostering financial inclusion. Cooperatives’ very mission centers on placing members top-of-mind by prioritizing personalized, bounteous service. The mantra of “people helping people” in the credit union movement remains an inherent lifeline to underserved members and consumers, but we can’t simply shout it out. We must take actionable, practical steps in order for those financial solutions to be realized on behalf of the underserved who suddenly find themselves in need or have been in need for some time. If credit unions don’t act and act fast, they could lose prospective members as digital banking adoption increases with the competition.
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