Unity Banking is a practice that many community banks have adopted. It is where all community banks share a common goal to maintain stronger ties with their customers and the local economy. All of the community banks are owned by a non-profit membership that represents all customers. The primary goal of this organization is to coordinate the economic interests of its customers through community banking and economic development. This concept was started in Australia and has spread to the United States.
Non-profits do their best to make this vision a reality. They sponsor community events, hold promotional campaigns and provide information and guidance for their customers. To do this, they must have a website, a blog and a presence on all the social media. They also sponsor youth and young adult conferences to get their message out to as many people as possible.
Their biggest task is the development of programs for the customers. Community organizers are responsible for deciding what activities will attract the most customers and draw in the most revenue. A good example would be a wine tasting night or a cookout. Another good idea would be movie nights where bank customers can come and watch a movie at the local community theater. And there are many other ideas out there.
Community organizers do a lot of promotional activities. They set up booths at flea markets and swap meets to sell literature about the organizations. They give away flyers and magnets about the Bank of Unity. They attend festivals and set up booths. They pass out fliers and brochures.
Unity banking does not just happen. It is nurtured from below. It is the result of sustained work and hard work from all levels of the community. It is nurtured through participation. Participation includes the registered customer, the customer service representative, the management and the employees.
All of these different levels play an important role. Banks have to keep up with consumer expectations and constantly changing consumer demands. They also need to compete with other financial institutions that may be serving the same customers, but may be doing it better. They have to attract new customers who are usually looking for better interest rates and better deals.
Participation start at the local level. That is where you see the Community Development Director at work. In a community development director's role, he or she does a lot of things. First, they develop a vision and a strategic plan for the community. They establish a monitoring system to make sure that the strategic plan is being adhered to and implemented.
The monitoring system involves the involvement of the banks in the local community. The community gets updates on how the banks are performing financially. It also gets updates on what kind of programs the community is following so that they can best serve their residents.
When the community follows the planning and strategic plans, they get reevaluated at the next quarterly board meeting. If the reevaluation recommends changes, then those changes are implemented. The banks are now involved more in the process than before. This gives the customers some idea of how much the bank cares about the community. Because of this involvement, the customers feel like the bank really cares.
The banks have also implemented controls in an effort to ensure their involvement in the community is still present after they have left. These controls include making sure that the highest percentage of people can actually qualify for a loan modification. This allows them to entice more people to apply for a loan. Many banks have increased the loan modification eligibility requirements in an effort to entice people back into the banking system. While some banks are doing this successfully, others are still suffering under the poor economy.
It is possible that a Bank of Unity will have an excellent reputation, while others will not. The important thing is that the bank in question will continue to provide services to the community in an upstanding manner. A Bank of Unity should do whatever it takes to keep their customers happy and satisfied. If the bank fails to do so, then people will start to leave en masse. This will have a negative impact on the community because there will not be anyone to provide services to these community members.
I was able to find a Bank of Unity in my area. However, I would recommend looking into them further. I found them to be a reputable lender, however I am not affiliated with any one Bank of Unity. If you would like to learn more about B of V banks in your area, you can visit the links below for more information.
