From Value to Keep. Why we changed our name.
July 13, 2020
Value Credit Union was established as an employee benefit in 1988, offering peace of mind through simple, straightforward savings and accessible, low-cost loans. We wanted to help employers support the well-being of their colleagues by facilitating careful money management and empowering them to build up reliable savings and budget responsibly. We embraced the co-operative principles of trust, mutual support, and shared ownership. It was always about ‘people helping people’.
Over the following 30 years, Value Credit Union grew to more than 3,000 members, mostly current or former employees of the Co-Operative Group and McColl’s. We evolved into a successful, reliable, ambitious and trustworthy financial partner that has never abandoned our purpose of providing a better, fairer, different way of doing business.
Time for Review
We felt we provided a service of great value to our members, upheld by commitment to co-operative and ethical values. The name Value was designed to symbolise these two factors. But recently we decided to modernise our image, redesign our brand and re-emphasise our commitment to supporting our members. The word ‘value’ today might summon an image of cheaper, lower quality “basic” goods. While our values remain, we felt that the name Value no longer accurately reflects our ideals and service.
So we asked serving Board directors – who are also long-standing members – what they thought. During the discussions, they told us that they saw their credit union as credible, secure, stable, reliable and dependable. This was paramount, because we’ve always felt we were making a promise to take care of our partners’ employees, to help them keep their employees financially safe. No big risks, no deep debt holes.
We’ve always endeavored to provide the benefits of peace of mind as well as possibility. We reassure our members that when they borrow, we won’t let them get in over their head, and use payroll deduction as the most worry-free and convenient way to keep their repayments on track. We put possibility within reach, as payroll deduction is also the quickest and most reliable way to keep saving over time – for a holiday, an emergency, a luxury, a need.
As a credit union, our interest is in taking care of and giving back to our members, not sending profits to outside shareholders. We keep money within our membership, where it can do the most good for our members, our partners and causes close to our hearts.
So Keep represents the everyday simplicity of our service but can be applied to many of the positive benefits we provide. It is a clear name without suspicious or negative connotation, yet common enough to represent our strong and consistent service.
What we want to keep.
At the end of the day, we want to provide our partners with an employee benefit that relieves financial worry and reduces mental load. Our partners share our interest in keeping employees happy, healthy, productive and engaged. We want our members to stop worrying about how and when they’ll find the money, and keep their attention tuned to work, play and enjoying life.
From our very beginning, we promised to be reliable, responsible, caring, enduring, empowering, and fair.
That continues to be the promise that we intend to keep.