WASHINGTON–Credit unions really are making members’ dreams come true, but they will only continue to do so by meeting some very real challenges moving forward, according to one person.
“It’s all about putting members’ financial well-being at the very center of your strategy,” said Gigi Hyland, executive director of the National Credit Union Foundation in remarks to CUNA’s GAC.
According to Hyland, credit unions are really looking deeply at their employees and members to measure where they really are in their financial lives and then finding ways to meet their challenges.
The challenge moving forward, said Hyland, includes meeting members “where they are in life; not where you want them to be or hope they will be. And that means helping your employees to also understand what it means to be financially well. We come from so many places, with different experiences, but we share a commonality around dreams in life.”
According to Hyland, meeting that challenge also comes down to the “why” that’s true for every credit union.
“You don’t work for bank,” she said. “The cooperative financial model works.”
Three Pillars
Hyland also spoke to the three pillars of the Foundation: ignite, Inspire and Respond.
Ignite. “It’s what you do at home that matters.” Hyland encouraged credit unions to send representatives to CU FinHealth Conference, scheduled for San Antonio in April 29-May 1.
Inspire. “You need to go back to your credit union and think long and hard about what your membership is going to look like in five years, 10 years and 20 years. You need to do a deep dive on your credit union to make sure everyone from your board to your front line staff represent all of your members.
“This is all about financial well-being. It means having the capability to lead the financial life that is the financial life I want,” Hyland continued. “The other challenge is to make absolutely sure that what you are presenting to the community are all of the stories for all of the members you serve, including the financially challenged and the underrepresented.”
Respond
Finally, said Hyland, Respond is about “your moment to do the things you have always done to serve people and your communities—and then to do more. To double-down on your members’ financial well-being. To double-down that you look like your membership and you deeply empathize with your members.”