Better Partners: Credit Unions or Banks?

The current issue of the financial service newspaper Investment Executive, looks at emerging changes in the credit union movement.

The article, Big changes for CUs, looks at how this sector is preparing to play a key role in filling traditional banking services.

Art Chamberlain, Credit Union Central of Canada, says:

"We offer a different way of banking and a different relationship with our customers"

And John Chomard, Sobey School of Business, is quoted saying:

"Credit unions can't take the banks on pricing, but they can in things such as services and attachment to the community. ... If the credit unions end up working just like the banks, why bother?"

Finding a financial partner - "who will dance with me?" It's a question that keeps many a VSEF chat going long after the chairs have been turned on the tables.

Usually, those coming from an enterprise background favour leveraging existing banking relationships. Civil society organizations find comfort with credit union relationships.

All of this makes sense from the relationship angle. But are you being boxed in, 'defined' even, by the financial relationships you've forged?

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Tags for information about: for:vsef, Social Economy, SocialEntrepreneurship

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