The first innovation that Advia does is the building of branches in low income neighborhoods. By doing this Advia is giving an economic opportunity to those who do not often get them.
Western Michigan University
The first innovation that Advia does is the building of branches in low income neighborhoods. By doing this Advia is giving an economic opportunity to those who do not often get them. Having the ability to open accounts and other services that the credit union provides is a tremendous advantage to those in the neighborhood. Being able to track and save is something that will greatly improve the financial aspect of the neighborhood.
Advia not only opens up these branches in these neighborhoods but they also offer training programs and other events to help establish financial literacy to those who do not usually get the opportunity. This is another major innovation as opening branches in low income neighborhoods is one thing, but to be able to back it up and offer the finance knowledge to their customers is a great step to improving the neighborhood.
The inspiration behind the credit union’s focus on education is simple. To give back to the community that serves them. Helping these communities through scholarships and other financial educational opportunities is also a good way to build positive press within the community. There are many credit unions and banks to choose from in this area and to provide the assistance they do is an added bonus to anyone looking to join.
The impact of financial literacy as well as the opportunity for banking access in low income neighborhoods is frankly unmeasurable but still valuable. In terms of scholarships Advia has awarded $33,000 in 2020 and $32,000 in 2019 to young students who qualify.
The business benefit behind the building of branches is obvious. Building these branches in areas that do not have access to banks, allows Advia to reach a whole new client base that most banks or credit unions do not reach out to. Another benefit to the branch is that they actually received a grant from a Kalamazoo Neighborhood Association to build the branch in the low income neighborhood, according to Aleysa Williams of Advia.
The social impact has been immense. Providing these opportunities for education in finance and helping rebuild or even start credit for individuals within the community. The opportunity to learn about various financial products and credit history is an important aspect to being able to have a safe financial future. As well as the scholarships offered are a major social impact allowing students to find more educational opportunities that before might not have been possible to them.
Maddy Anderson, Teller
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Kalamazoo, Michigan, US
Business Website: https://www.adviacu.org/
Year Founded: 2014
Number of Employees: 1001 to 5000
Advia Credit Union is a local Credit Union in the Kalamazoo area. The company plays a major role in the local community by advancing educational opportunities through various scholarship opportunities, local events to promote financial literacy, and building and developing branches in low income neighborhoods that do not usually have easy access to banks or credit unions.