Financial Literacy
Financial Education, Literacy, or Wellness – Oh My!
In credit unions, Financial Education, Financial Literacy, and Financial Wellness are seemingly interchangeable, but each has a distinct meaning and purpose. What does your credit union want to become in the eyes of your members and the community? Which of these options will differentiate you from other financial providers? Financial Education: Financial education provides consumers…
Read MoreGap Funding – Bridging the Divide and Driving Economic Empowerment
In pursuing a more equitable society, supporting businesses owned by individuals from marginalized communities is paramount to a vital, innovative, and sustainable economy. These marginalized groups include BIPOC (Black, Indigenous, and People of Color), women, veterans, and rural entrepreneurs. These entrepreneurs face unique challenges, the least of which is limited access to capital. Mentoring, coaching,…
Read MoreFinancial Literacy vs Financial Wellness – a Consumer’s View
Credit unions and banks across the country have financial literacy on their to-do list, but what consumers need/want is a roadmap to financial wellness, not just financial literacy. Well, what’s the difference? Financial literacy is about understanding money basics. Typically the curriculum includes topics like “how to balance your checkbook,” “what is a savings account,”…
Read MoreReport Inconsistencies are Frustrating
One of the biggest frustrations found in most credit unions is the numbers between two or more departments don’t jive. The conversation almost always leans toward trying to figure out which data set is correct, which one to believe. The ultimate goal for these organizations is to find that elusive “one source of truth.” So,…
Read MoreBranching Strategy, It Starts with the Member
Historically branches are seen as transaction channels. Today, this view of branches has changed and continues to evolve. Members and potential members like the convenience of brick and mortar, they like the demonstration of financial strength and security. Still, the truth is, they rely less on branches for their daily, weekly, and monthly transaction business…
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