Credit unions are often viewed as being small business friendly, but we don't always put our money where our mouth is. Credit unions primarily help small business owners by offering products and services to ease potential problems, but despite this small businesses tend to fail at an alarming rate. How might credit unions use their high profile in the community to improve the long-term viability of small businesses?
Members Market is inspired by both the traditional farmer's market and Groupon models, matching consumers with online coupons according to their personal preferences. After collecting meaningful information on member preferences, Member Market matches them with personalized coupons from local small businesses.
Members Market was piloted in Saskatoon, Saskatchewan and Los Angeles, California during spring 2014. Over just a three-day period, the site saw nearly 300 hits with the average small business receiving 15 click throughs to their coupons. Comments and qualitative feedback from both credit union members and small business owners was positive.