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Kevin's Blog - May, 2006 As co-operatives and credit unions grow, there is a natural tendency for members to consider themselves a customer rather than a member-owner. This is not a new problem for co-operatives; it is part of the maturation process. The Co-op Bank is a co-operative which provides financial services to members in the U.K. It is one of the oldest co-operatives in the world and serves over 2 million members. In 1999 after an unsuccessful attempt to convert the bank to an investor-owned bank, the leaders decided they needed to find a way to represent their members in ways that are important to the members. The Co-op Bank surveyed their members to learn what issues were foremost on their minds. The bank learned their member's held very strong feelings about issues which had nothing to do with their checking account or loan rates. The members care more about company ethics, concern for the environment, compassionate business practices and they are looking to do business with companies that reflect those views. In response, the Co-op Bank issued a series of ethical policies which reflects their member's values. The bank has stated it will not do business with organizations if they do not meet certain ethical and business practice standards. After seven years of consistent effort and considerable backlash from banks and the business community, the Co-op Bank has clearly differentiated itself in a very competitive market by understanding its member's values. The members are responding by bringing more of their business to the bank. The leadership at Co-op Bank risked a great deal in terms of business opportunities as well as personal reputation in an effort to make a stronger connection with their members. It is interesting to contrast this example of understanding of co-operative principles with DFCU's attempt to convert to a mutual savings bank and ultimately to a stock-based bank. Consider Mark Shobe's recent quote regarding the benefits to the members after DFCU converts to a bank, "Existing members would be able to purchase initial stock in the company if they choose to. This would be the first time that any members have had the opportunity to have financial ownership in the company"
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Member Allegiance Services
Member Loyalty Audit - Increase member participation and retention by knowing which members are True Believers, Potential Believers, and Free Riders. Actionable recommendations are included to help maximize the business opportunities from each group.
Managing Our Co-operative Advantage - Learn how to integrate the co-operative principles and values into your culture by using them in your decision making process. Your employees and members will notice the difference and they will reward you with their loyalty.
Employee Newsletter - Your employees will be more engaged in your co-operative and your members will benefit from better service. Provide your employees with a monthly reminder that they are a part of the co-operative movement and your members are more important than customers, they are the member/owners of your co-operative and credit union.
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