NEW YORK–The coronavirus pandemic has created unimaginable challenges for credit unions and their members, but it’s also an opportunity to be something else: “inspiring,” according to one person.
“These times have underlined that financial services are truly essential,” said Jean Chatzky, in remarks kicking off CO-OP’s THINK20 Virtual event. “Not to put too fine a point on it, but the roaring 2020s of this century might turn out to be more like the 1930s of last century. Credit unions were made for tough times. Credit unions came of age during the 1930s. This can be a moment of clarity. People need you. Anything that builds a trusted relationship with members is essential.”
Chatzky, a journalist and personal finance columnist who frequently speaks and writes on financial wellness, said wellness must become a “priority for credit unions.”
“We want everyone to be well,” she said. “We are no longer in an expansive economy; we are in a recession. People are beyond stressed. Given current conditions, we must lead with empathy and compassion. Now is also the time for putting even more focus on understanding member behavior, and to respond with tangible solutions.”
Chatzky also called on credit unions to be bold.
“What it means to be bold now is being redefined,” Chatzky said. “The boldness we associate with the risk-taker is not what is needed right now. The boldness we need now is for leaders who can find ways to reduce uncertainty and risk. It will require practical problem-solvers to respond to the needs at hand.”