Who’s leaving who behind? Credit unions and the underserved multicultural market

A National Credit Union Foundation grant is uncovering critical opportunities to help credit unions stay relevant.

In 2021, the National Credit Union Foundation launched the Know Your Membership grant program: an opportunity for seven small credit unions to better identify, understand and serve their diverse membership.

An earlier conversation with grant recipients highlighted how a data analysis practice run uncovered eye-opening insights around employee financial wellbeing—findings that were consistent with trends at credit unions around the country.

Now, as the grant nears its conclusion, participants shared how program data and insights had highlighted another, longer-term financial services trend: overlooking the underserved.

Checking the rear-view mirror

For a cooperative movement founded to serve the underserved, uncovering data that points to consistently missed opportunities can be a tough pill to swallow—but as the grant participants have proven, it can also affect positive change.

 

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