Credit union members enjoy a level of personalized service and support that larger financial institutions simply cannot provide.
Munzer Sukhun, Vice President, Business Services
In the banking business, the difference between large financial institutions and those that would be considered “small” is not simply the bottom line, how many accounts are on the books, or how many billions of dollars of assets they have. It’s a cultural divide that is rooted in customer relationships.
The Bottom Line vs. Supporting Your Members
I have broad experience working with massive financial institutions, and the biggest difference between my time working at those businesses and my career at Salal Credit Union is the goal of the company.
Big banks are beholden to their shareholders. The operations of the company are designed to meet the expectations of the shareholders, aka profits.
The focus is on the amount of loans signed or the number of accounts opened—these are the metrics by which success is measured. There is an expectation that more can always be done, with a harder sell, to bring in assets and keep the shareholders happy.
On the other hand, at a credit union like Salal, the goal is to meet the needs of our members. My account managers and I like to think about how we can enrich the lives of our members on a day-to-day basis. That’s where our focus is.
Personalized Service and Support
We strive to nurture our relationships and stay connected with our clients—especially in an era when automation and bots have taken over the majority of banking interfaces. In the banking world today, it can often be a headache-inducing process to try to speak with an actual human being when you need critical support or advice.
It might be a cliché, but it’s true: At Salal, you’re not just a number. In fact, you’re much more than that. If you’re a Salal member, you know your banker, feel connected, and enjoy a transparent relationship with our company. You have a designated account manager and can easily reach them directly via email or phone.
Our account managers are skilled at taking care of their clients in part because they understand the value of being people-focused, and that is a significant differentiator. It’s how a “smaller” organization like a credit union can grow; there is strength in collaboration and community building.
The relationships we grow with our members are particularly important in the cannabis industry. Since 2014, we have made banking for cannabis business owners and their employees a priority.
Every business has a risk tolerance and wants to bank comfortably without fear of unexpected issues arising. Our relationships with financial regulators and our understanding of the industry allow us to serve our members properly and provide financial stability.
Exceptional Access
Bigger might seem better when it comes to ATM availability or branch access, but credit unions offer similar—and even enhanced—access to banking services. Salal is part of a cooperative credit union network that provides access to thousands of surcharge-free ATMs. For business owners, Salal financial services include cash management solutions, Positive Pay fraud protection tools, money orders, notary services, and more.
Banking access is also increased by the ability of credit unions to be more flexible on pricing for various services. In the absence of the need to satisfy shareholders, credit unions have the opportunity to be flexible, negotiate, and better address our members’ individual pain points.
Without the demand to satisfy shareholders’ profit desires, credit unions have built a strong community where your needs are understood and prioritized. Transactions aren’t done anonymously, and convenience, personalization, and services are tailored to suit each business’s unique needs and preferences.
Reach out to Salal today to become a member and bank with a financial partner that will prioritize you and offer the personal connection that increasingly goes missing in an automated banking environment.
