first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Many credit unions today began 50-, 60- or even 70-plus years ago with a single sponsor. In most cases, the credit union’s first office was on the sponsor’s site. Many credit unions’ first directors and employees were employees of the sponsoring company as well. This structure helped instill trust and create strong member relationships, which turned into a true financial partnership over time.When they were on break from work at the sponsor or taking their lunch, members would walk over to the credit union, say hi, grab some coffee and maybe conduct a transaction. When you combine the resulting strong personal relationships (even friendships) with such a local presence, you often got a captive, targeted audience to engage at a personal level.During that era, credit unions enjoyed–even took for granted–that status of trusted financial partner. Members, in turn, showed loyalty by thinking of the credit union first for every financial need. In that age, members talked about the credit union with their co-workers.To stay competitive, some credit unions eventually changed to community-based charters. More branches and staff were added over time. Then, to reduce cost in the name of convenience, we added technology and other cheaper, less personal delivery channels. And, before we knew it, those originally strong partner relationships began to fade away in hopes of faster credit union growth. continue reading »last_img