MADISON, Wis. (11/20/15)--If sharing resources to provide services is “in” right now, why haven’t credit unions been duly recognized as pioneers on this front?
A new report from the Filene Research Institute investigates why credit unions have lagged behind in the access, or shared economy, despite the fact that its competitive advantage is driven by pooling resources.
“Credit unions were onto this ‘new’ trend in the finance world in the 1800s when farmers first combined resources to cooperatively acquire equipment on credit, before the harvest season,” said Hope Jensen Schau, professor at the University of Arizona, and author of the research. “Credit unions have continued in a member-to-member, collaborative financial model that is, in light of the access economy we see today, extremely farsighted. However, credit unions are not mentioned in the popular press.”
To take the next step in collaborative, member-to-member financing, the research found that credit unions can: