Does this sound familiar?
It’s a recent email Josh sent to the Credit Union Development Educator email list serve. After reading the post—and the subsequent email discussion it generated—The CUNAverse team thought it would be great to share Josh’s thoughts with you, our readers…
From Josh Allison:
Good morning CUDE network!
Last night I saw a commercial for Lending Club. The premise? Simple. Some people deposit money so others can borrow at better rates. Or, as the website says: “Companies like Lending Club are cutting out the middle man − banks − to offer consumers the opportunity to lend money directly to others and obtain a higher return.”
A few weeks prior to that, I saw a TED video from the founder of Kiva. The premise? Simple. Some people deposit small amounts of money so micro loans can be made for budding entrepreneurs around the world. So, some people loan money so others can borrow it at more favorable rates. By the way, in her TED talk, Jessica Jackley mentions that she saw an “unmet need” for lending, which is why she started Kiva.
And a few months ago, I saw an article on a new program called ride share. The premise? Simple. Members “pool” together and share a ride. You become a member and benefit from the “ride community”.
Again, sound familiar?
Key words being used in all of these ideas include:
These words have historically belonged to the credit union movement. And now we’re sharing them with trendy new companies? Lending club explained their “club” concept in 31 seconds and I got it. Are our members “getting” our concept?
1. Are we articulating our CU difference and community concept, as well as these companies are…and in a way that resonates with a growing number of consumers who value this type of “community”?
2. Are we leading this new consumer trend for “mutual self help” or following from behind?
Josh Allison, CUDE
Relationship Development Manager | Horizon Credit Union
Interested in hearing more from Josh Allison?
You can learn more about this topic from Josh and many others at the CUNA Community Credit Union & Growth Conference, October 24-27 in San Francisco, CA.