The business case for #CUFinHealth

In our last blog post on #CUFinHealth, we launched the hashtag and talked about how credit union members need credit unions to help them achieve their financial aspirations. But what about the business case for financial health?  How can credit unions justify spending staff time and operational resources focusing on improving their members’ financial health? Why is this good for business?

A recent white paper by our friends at CFSI squarely addresses this question.

“A business strategy oriented around consumer financial health offers banks, credit unions, lenders, and other providers an avenue for growth, organizational resilience, and profitability. An essential element of this strategy is expanding the organization’s definition of success to include positive outcomes for customers that are regularly measured and tracked, in addition to positive returns for the business.

 

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