Jan 01 2001

The Human Touch in the Information Age: What Do Members Want?

Credit unions have held a traditional advantage in developing personal relationships with their members, and they excel in providing the human touch. With the recent, rapid proliferation of alternative, technology-based delivery channels, credit unions could find this advantage diminishing, perhaps rapidly, to the extent consumers switch to non face-to-face interactions for financial products and services.

Direct means (non face-to-face) may offer greater convenience as well as lower cost than face-to-face interaction. Therefore, credit union CEOs are asking whether personal, face-to-face relationships with members will no longer be significant, as consumers move to non face-to-face interaction to obtain financial products. Would such a development render credit unions largely indistinguishable from for-profit institutions?