Ask a CEO – Volume 12

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As part of a February member contest, BCYL members were asked to submit questions that they would like to “ask a CEO.” Questions were compiled and assigned at random to BC credit union CEOs. Each month we will feature one question with response in our newsletter.

Question submitted by: Scott Betts | G&F Financial Group

The Financial Services Industry is highly commoditized, in this environment, what are credit unions doing to differentiate themselves from other financial institutions or services

Linda Bowyer, CEO First Credit Union & Insurance

We believe that our opportunity to differentiate in the future is to be a purpose driven organization. As mentioned, we’ve recently restated our purpose, to ‘Empower through Knowledge’, which in the most basic sense means that we’re seeking to offer more than just financial products and services. Through our purpose, we’re seeking to deliver benefits that cannot be commoditized—such as knowledge, empowerment, and trust. We expect that members will value the financial knowledge and expertise we provide through day-to-day interactions with our employees; however, what actually sets us apart is that as a purpose-driven, member-owned cooperative, we can demonstrate that our members and communities—rather than shareholder profits—are our priority.