Recently, there's been talk of putting "a new tax on banks and bankers," and while we think it's a good thing, it's still a short-term solution to a bigger issue.
A long-term solution would be to put steps in place to build trust. That's where our focus is. Each of the community financial institutions (CFI's) we partner with is put through a rigorous qualifying process so that trust is a part of the foundation we build for the future. The CFI's we choose to partner with have earned our trust because they're doing it right, how?
- By not taking excessive risks with your money
- A keen dedication to customer service
- By providing consumers choices for their money
- And having a resolution to bank in a whole new way (based on trust)
So that's what Kasasa would like to see more of in 2010 - trust building. Below are some steps to take in building trust between a consumer and their financial institution.
Trust is built by being predictable. Whose actions are your more likely to be able to predict - mega banks or your local banks and credit unions (CFI's)? We think it's the latter, the people who are right down your street, who offer you personalized service and who get to know you as a person, not a number.
Trust is built by exchanging value. It's an exchange of goods really. With four Kasasa products, not only do you get something you want, but you also get that value at a local level. And if you're exchanging goods at a local level, it's easier to talk about that value face-to-face with the people who actually have the value to give. And isn't it better to have an exchange with "someone" (a local bank or credit union) in your neighborhood than some nebulous entity governing a bunch of different bodies (aka. mega banks)?
Trust is built by exposing vulnerabilities. Consumers trust financial institutions with their money in hopes they won't be harmed or caused agony in the process. Is it easier to trust mega banks - the ones that are so big and seemingly irrelevant to a local world and life? Or is it easier to trust a local community bank or credit union just down the street from you, one that knows what's going on on a local level?
The choice is yours.
Here's to a future in trustworthy, local finance at community financial institutions.