Shoulda, Woulda, Coulda

I’m sure it’s happened to all of us. We look back and say, “if I only knew then what I know now”. We ponder over past decisions wishing we had gone left instead of right, chosen one path over the one we took, tried this or avoided that. All that second guessing. Truth is each choice we made led us to where we are. Good, bad or indifferent, here is where we are and worrying about what could have been, serves no useful purpose. We make decisions with the information at hand, by instinct, through experience, and maybe a touch of desire, but we make them, believing it’s right at the time. We do the best we can with what we’ve got and with good intentions.

It’s the same thing at Freedom. We have a great team continuously looking for ways to make things better for our members, our employees, and our community, We gather data, do research, discuss (sometimes ad nauseum) and then we make the choices we think are in the best interest of all concerned.

As we navigate the final stages of the merger over the next few months, rest assured there are a lot of people working diligently to maximize the benefit while minimizing the impact. As with any endeavor such as this, there will be challenges but they won’t be the result from a lack of effort on our part.

I think the quote by the poet Robert Burns sums it up. “The best-laid schemes o’ mice an’ men gang aft a-gle” (the best-laid plans of mice and men often go awry) which means no matter how much one plans, external factors can disrupt and derail those plans. It serves as a reminder of life’s unpredictability and the need for flexibility. It’s not about perfection it’s about progress, and Freedom continues to progress in support of our mission and all those we serve.

Why We Do What We Do

I spend a lot of time talking about the emotional side of what we do, how helping people and supporting the community matters. I believe doing what is right is not only essential to our mission but good for our world. I can go on and on about this, but I thought it was time I talked about the “business” side of why we do what we do by focusing on the value consumers place on their financial institution’s commitment to and support of the community and how they view it as a strong indicator of the institution’s values and trustworthiness. So, here’s why Freedom’s community support is so meaningful:

Builds trust and loyalty: When Freedom actively supports local charities, sponsors community events, or invests in local businesses, it creates a sense of shared values with members and prospective members. This fosters an emotional connection that goes beyond just providing financial services, leading to greater trust and loyalty.
Enhances reputation and brand image: Consumers are increasingly conscious of social and environmental issues. When Freedom demonstrates a genuine commitment to social responsibility we are perceived more favorably, enhancing our brand image and reputation within the community.
Creates a sense of shared purpose: For many consumers, especially younger generations like Gen Z, the purpose of businesses extends beyond profit to include serving communities and society. Banking with an institution like Freedom that actively gives back allows people to feel that their financial choices are contributing to a positive social impact, aligning their personal values with their financial decisions.
Differentiates from larger institutions: Credit Unions, in particular, are recognized for their deep roots in local communities and commitment to social responsibility. In an era where larger banks may be perceived as impersonal, Freedom’s community focus can be a significant draw for those seeking personalized service and a sense of belonging.
Impacts satisfaction and engagement: Research indicates that positive corporate social responsibility beliefs significantly impact member satisfaction and commitment. According to The Financial Brand, 93% of consumers who said their financial institution was generous with charitable contributions were very satisfied or extremely satisfied with their primary provider.

Example of specific actions that resonate with members and prospective members:

Financial literacy programs: Offering workshops, seminars, or resources to help individuals and businesses better understand financial management fosters a sense of empowerment and positively impacts the perception of Freedom’s efforts.
Supporting local businesses and promoting homeownership: Providing loans and financial services tailored to the needs of the local economy strengthens the community and demonstrates Freedom’s commitment to local growth.
Volunteerism and participation in community events: Beyond financial donations, active engagement through employee volunteerism and hosting community events deepens the connection between Freedom and its members/prospective members.

Freedom’s involvement in the community is far more than just a public relations exercise. It directly influences consumer perceptions, fosters trust and loyalty, strengthens relationships, and plays a crucial role in member satisfaction and long-term success which, in turn, fuels our success and multiplies our ability to give back. Simply put, what we do, how we do it and why we do it matters.

What’s In a Name?

One of the harder things about our merger—and the time it will take to finalize—is the occasional need to refer to one credit union or another by name as a separate entity when we are really one. Yes, certain systems and aspects cannot be completely transitioned until year end, but the mere reference of two names, at times, feels like it drives a wedge between us.

I also recognize for the members and team of (taking my lead from Prince) “The Credit Union Formerly Known as AFFCU,” this can be confusing because the impact is more significant, the change more tangible. Despite how good the change or how it will benefit everyone long term, not truly being “complete” can be a tad unnerving and may cause uncertainty or anxiety.

It’s important, therefore, to stress that we are, without question, all Freedom. We are, therefore, working hard and fast to bring as much together as possible to alleviate concerns.

It’s also important to realize that it’s not the name alone that defines us. Yes, a business needs a legal name to operate under, a name with which to build a brand and reputation. However, it’s what we do that makes our name. It’s how we serve our members, support the community and provide for our team members so they can, in turn, serve and support.

It is our words, actions, and deeds that matter most. So, as we grapple with the bits that create a temporary separation, let’s focus on what unites us: that we’re all in this together, that we share the same goal, that we are “one Freedom.”