Business View Magazine | Volume 8, Issue 12

91 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 12 been doing it for the last 30 some-odd years since I’ve been here. Selfreliance is not-for- profit but that doesn’t mean it doesn’t make money. It just means that the money doesn’t go to enrich the owners. There’s not some intrinsic stock value that’s given to the CEO or to upper management or to any of the directors. It’s truly a well-intended group of people helping people.” With its affordable loans and easy to use, life- line type financial services, Selfreliance hopes to expand on its first 70 years of success to be able to continue supporting the communities to which its members belong, in their common cause. “Our services are already advantageous compared to most other financial institutions,” Tun confirms. “We have aggressive savings, loan products, and very few fees. We’d like to try to expand that through the digital marketing world we’ve been embracing over the last year. We’d also like to refine our call centre by reintroducing first contact resolution, to try to complement the kind of relational marketing strategy we’ve been busy cultivating.” Although there’s a small market share for credit unions – somewhere around 2% of banking assets – Tun firmly believes that credit unions are the best financial services option for consumers and the ethical choice for all involved. “Remember, these are democratic financial institutions where it’s one person, one vote, regardless of the amount of cash invested,” Tun points out. “Our directors are chosen democratically. The board is chosen by members every year by members at an annual meeting, which is coming up in March. And these directors, they’re all about what they can do for our members and for the community. It’s not the kind of business model that banks have. It’s much more of a community service model. Not for charity, not for profit, but for service – that’s the credit union motto.” SELFREL I ANCE FEDERAL CREDI T UNION