SAN DIEGO–What does the century-old credit union motto of “People Helping People” mean in today’s economy?
That question received extensive discussion here during CO-OP’s THINK 16 conference. Indeed, the three-day event was built around not just discussion of what People Helping People means, but how to use it as a 21st century marketplace advantage and differentiator. One thing that was clear during the meeting: that old motto is anything but obsolete for credit unions.
“What does ‘people helping people’ mean today?” asked Samantha Paxson, CO-OP’s chief marketing officer, in kicking off the event. “Helping people in their financial lives has always been the purpose of the credit union movement. So what does that mean today?”
That issue of credit union “purpose” was central to the THINK meeting. Paxson noted it’s also never been more relevant, with many of today’s consumers stressed over finances and technological changes in the market.
“The digital transformation creating a lot more uncertainty,” said Paxson. “These are times of churn and transition. We think the credit union movement has a pretty important role in this time of churn. We should have a sense of urgency about this idea of people helping people. We can help people adapt. We need to be a positive force in reducing fear and showing possibility.”
Paxson said CO-OP’s research and thinking around this issue can be summed up this way: “Purpose + Innovation = Opportunity.
Injecting purpose into opportunity is when “the magic really happens,” said Paxson, who said the goal is to create not a “Have vs. Have More” environment, but a “Have Most” movement.
Paxson said market conditions could not be better or more receptive for the credit union message, observing that financial institutions as a whole have never been more disliked by consumers, while there is also a trend back toward purpose and mission.
“It’s rare in history you get two things combining so clearly, and a consumer base so primed for this message,” said Paxson.
Following a CO-OP-created video in which purpose was shown to be the foundation to a number of successful businesses, Paxson said the two big takeaways are:
- “Purpose is why we do business. It should be baked into everything we do.”
- “Being purpose driven is a profitable way of doing business. Purpose is our vehicle, and innovation is the engine that makes it go. Helping people is why we exist. Innovation through creative problem solving is how we do it. Out of that we get the opportunity.”
Paxson urged credit unions to not forget that their work has a positive effect upon people, and that the CU brand of “people helping people” is a “solid, solid position in the market. IT’s not just a slogan. But people have to feel the benefit. Purpose driven engagement is good for our members and it’s good for you.”
Paxson’s comments were echoed by Sara Critchfield of Upworthy.com, who emceed the THINK meeting.
“The thing you have that the big banks don’t have is people who are willing to get behind your mission and share that with their friends,” she said. “Remember, people are not going to get behind your rates and share that. Why do people share things? They share things that matter. There is no greater reason people will share you with their friends than your credit union’s purpose. You don’t have to fake it. You don’t have to cheapen it. You have an authentic mission with a core and a history.”