Credit unions have a philosophy of encouraging financial empowerment for members of all ages, income levels and ethnic backgrounds. They are also uniquely positioned to initiate and build relationships with modest income households. While bankers and brokers compete vigorously for the assets of the upper income households, the lower end or emerging markets is much larger and can be rewarding for those who strive to serve it.
Examples of emerging market segments would include low-wage families, immigrants or those less than 30 years of age.
On a philosophic level, reaching out to families of limited means helps us differentiate ourselves from other banking institutions. By undertaking programs that serve all consumers in a community, credit unions demonstrate what they profess in theory.
On a business level, delivering credit union services to more Americans has greater potential when the effort focuses on low-and moderate income households than when focusing on the affluent alone. The lower end of the economic spectrum is much larger and rewarding for those with the creativity to serve it.