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In a recent issue of Mainebiz, the state's leading, bi-weekly business publication, Maine CU League President Todd Mason was featured in a lengthy profile. While Mason was the subject, much of the feature focused on the great story happening at Maine CUs. From strong growth among the younger demographic to a significant increase in the usage of credit unions by existing members, Mason's 'On the Record' interview included many of these elements.
Mason spoke about many of the positive things happening on credit unions and why they are appealing to younger people more than ever. "Maine credit unions have being active in being where young people are and reaching out to them to explain the difference, value and benefit of credit unions, and it's having an impact. As kids graduate from high school and go on to college and then go into their adult lives, they're being increasingly attracted to credit unions. I think that part of what's attractive to the young demographic is that credit union difference, the credit union philosophy, of people coming together to help each other out.
As for the future, Mason said he expects technology to continue to be a driver in many of the changes in financial services. He believes that credit unions are well-positioned in this area, as well. "We are seeing an evolution from having a website presence to home banking to mobile banking and now to banking on your phone, on your watch, and using Alexa with audio units. That's the evolution. None of the old channels have gone away, but it's just that you keep adding to it, and as a result I think that access to credit unions is greater."
According to Mason, cooperation, a sense of community and collaboration remain important ingredients in the success of credit unions. "Credit unions are not just a local financial institution in many communities, they are THE financial institution. The 'people helping people' philosophy of credit unions is alive and well in Maine, and this bodes well for the future."