Maximum impact: How to reimagine your credit union’s product strategy
Want to make a meaningful difference in your community? Maybe it’s time to align your impact strategy with your product and marketing strategy. As Judah Musick, former Chief Innovation Officer at Red Rocks Credit Union, has learned firsthand, you can connect the dots by focusing on employers as the key to sustainable community impact that scales and produces financial results.
That’s to say, if you’re wondering what your community needs, think first about what your employees need. From a financial wellness standpoint, the hierarchy of employee needs typically are not met by most HR departments. Musick joins us on The Remarkable Credit Union to address this month’s BIG question: How can credit unions better align their product strategy and impact strategy, and might employee benefits be one piece of the puzzle?
Key takeaways
- The lack of dignity in the way support nonprofits are set up means that 90% of those suffering will never get help. Anonymous support is the key.
- Working with employers to address employee needs is the key to scalable and sustainable community impact. The hierarchy of employee needs are:
- Create positive cash flow and get out of high-interest debt
- Create emergency savings
- Get out of consumer debt
- Save enough for long term major expenses and retirement (401k / Wall Street’s strategy)
- Give back to the community
- The first three are unmet by traditional retirement plans and perfectly aligned to credit unions’ strengths. By focusing on these needs for their employees, credit unions can better align their impact strategy and product strategy.
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