SAN DIEGO-Imagine a credit union just for motorcycle enthusiasts, or one for people who smoke cigars.
Symitar Marketing Manager John San Filippo can, and he expects that when community charters are issued in 2109, community may be more commonly defined by the type of individuals - and their interests - that make up the credit union.
Many virtual, Internet-based credit unions will emerge, and possibly sooner than 100 years, San Filippo said, pointing to the recent introduction of REALTORS FCU.
"We have all this social networking and these online communities, so I could see community chartered does not mean a physical community, but instead some other type. For example, I like to smoke cigars. Why not a credit union for cigar smokers?
The rise of virtual credit unions could present a big advantage to credit unions, San Filippo said. "Because banks don't have common bonds. So they can't play in this arena. We are just at the infancy of social networking, and as that matures, huge cultural communities may emerge. I see a natural fit for credit unions and a good way to differentiate themselves, even if financials are limited to promoting themselves through just a logo on a handheld device."
It may come to that that in 100 years, San Filippo suggested, as the greater shift toward remote access and less personal service will commoditize financials.
"If my only interaction with my bank or credit union is the device on my hip, how does one financial differentiate itself from the guy down the street? The affinity group does that."
