Rio Grande Credit Union Extends Reach to the Underserved
The CU's CEO explained, “It’s about ensuring our efforts continually align with the needs of our communities.”
As a low-income designated financial institution, the $340-million Albuquerque, N.M.-based Rio Grande Credit Union dedicates multiple resources and services to helping those frequently with limited access to financial services.
“We are constantly looking for ways to improve Rio Grande Credit Union,” Mike Athens, president/CEO, explained. “It’s about ensuring our efforts continually align with the needs of our communities.”
For the growing Rio Grande Credit Union, which has six branches and another on the way, it is more than respecting the credit union “people helping people” mantra; it is about reaching out to bring new members on board.
Starting with opening an account, which is not unlike opening a relationship at any other financial institution with one big exception. To open an account, potential members do not need the usually required Social Security number, they can use their individual taxpayer identification number. Athens said, “We don’t treat ITIN members or underserved members any differently. That’s our difference.”
RGCU also maintains a community outreach department and a full-time financial coach who offer individual counseling to anybody. In addition, they have a program to provide underserved children with financial education supported using monetary incentives; and offer a special account for teenagers without requiring a parent cosigner.
Backing the credit union in its efforts, Farmington Hills, Mich.-based Member Driven Technologies, a CUSO that hosts Symitar’s Episys platform through its private cloud alternative for core processing, which provides a SaaS-based core as well as support and assistance. The technology helps members of various backgrounds in their individual and unique financial journey, pointed out Athens.
The digital presence is likely where MDT plays the most significant role in regards to exposure to member-facing technology, Gary Lee, vice president of client relations and sales, MDT, suggested. “The ability to have very strong uptime/availability and be nimble with custom features from the electronic space has allowed us to help Rio Grande in the past and we hope to continue to strengthen our offerings in the future. In addition, the core uptime availability and simply the creative product set that Rio Grande offers to their members is made possible by the MDT/Symitar/Rio Grande relationship.”
Read more about Rio Grande’s dedication to serving those in its community with help understanding finances and banking in the November 13th issue of CU Times.