It’s that time of year again, and Zest AI is ready to celebrate another year of the credit union movement for the full month.

In just a couple of weeks, credit unions around the globe will come together to celebrate International Credit Union Day. This year’s theme reminds us that credit unions are more than just financial institutions — they are essential organizations that serve folks with the intention of seeing them succeed in building a better life for themselves. Thomas Belekevich, Director of Member Services at the World Council of Credit Unions, said it best:

“At a time in our history when we seem increasingly divided, we hope our credit unions use the ICU Day 2024 theme to show how our movement brings people closer together through democratic, member-owned financial institutions that put people over profit.”

Let’s celebrate how credit unions stand as beacons of cooperation and inclusion, empowering individuals and fostering stronger communities.

The power of the credit union model — people over profit

A credit union’s core mission is simple — to serve their community to the fullest capability. This can be done in plenty of different ways, but primarily, credit unions serve their communities by ensuring access to financial resources for all, especially those who might otherwise be overlooked by traditional lenders. 

Most folks face financial hardships at some point in their lives, and there are plenty who experience barriers to traditional credit — such as younger members or those with lower incomes. By committing fully to financial inclusion, credit unions create a path for every individual to build a better financial future for themselves.

What does cooperative finance look like in action?

Building a world through cooperative finance means focusing on the individual — not just as a customer, but as a member of a community. It’s about seeing each member as a complete person: a family member, a friend, and a neighbor. Credit unions accomplish this by adopting practices that lend fairly and equitably, regardless of a member’s background or financial standing.

In practice, cooperative finance means empowering members with financial tools and services that work for them, not against them. It’s about providing affordable loans, promoting financial literacy, and supporting local communities in tangible ways.

Credit unions are more than just financial service providers — they are community partners. They invest in the well-being of their members and the communities they serve, making decisions that reflect their core value of people helping people.

How we can build a stronger, more inclusive financial system

Credit unions have a powerful role to play in building a more inclusive financial future. But how do we ensure that cooperative finance reaches everyone, especially those most in need?

Here are three ways credit unions can strengthen their efforts:

1. Adopting inclusive technology – By leveraging the technological benefits of AI, credit unions can make faster, fairer, and more accurate lending decisions. This not only benefits the members but also helps credit unions expand their reach to underserved populations.
2. Being proactive in reaching new members – Credit unions can compete with payday lenders by offering fast, affordable options to young members and those facing financial barriers. By promoting their services and educating potential members, they can create pathways to financial stability for more people.
3. Focus on your superpower: cooperation! Credit unions are unique in their ability to do just that — cooperate! By pooling resources and knowledge, they can be real forces to reckon with. The more credit unions share their successes and learnings with technology and how to harness it to achieve their goals, the faster they can reach members, provide support, and find powerful ways to further the credit union mission. 

Partnering with credit unions for a better tomorrow

At Zest AI, we believe in the power of credit unions to drive positive change. That’s why we’re committed to supporting credit unions large and small with tools and technologies that make their work easier and more impactful. By embracing inclusive technologies and adopting proactive strategies, credit unions can continue to put their members first and build a world of cooperative finance where everyone can thrive.

As we celebrate International Credit Union Day 2024, let’s take a moment to recognize the critical role all credit unions play in fostering financial inclusion. Together, through cooperative finance, we can create a world where economic opportunity and financial security are within reach for all.

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Zest AI is celebrating credit unions all month long with a collection of voices from the industry and the communities they serve. Check out our ICU Day All Month Long content and be sure to follow us on LinkedIn.

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Aaron Long — Head of Business Development

Aaron is a native of St. Louis MO and currently resides in Atlanta, GA with his two teenagers. He believes people are the core of every business and if you invest in them, you are investing in the long-term success of your company. Aaron has spent over twenty years leading teams that are motivated to win together and partnering with clients to ensure their success.