Business Model Innovation by Business Models Inc. Training Summary
Bayfed
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Bay Federal Credit Union Organizations or businesses that recruit members rather than customers prosper more than just the ones that bring in customers. Customers have no obligations to stay connected to the said business, whereas members, actual part-owners of the co-operative will always be there to contribute. This kind of guarantee is what the Bay Federal Credit Union offers and specializes in. Mutual aid is important in a society; People are helping other people for their benefit as well as their own. Thie is a community that works together to ensure the security and welfare of everyone that’s in the co-operative. The Objective The BayFed Credit Union is a non-profit, financial community or co-operative that works democratically. Its main purpose is to serve the people involved as well as itself. BayFed specializes in offering services similar to that of a bank, like; All sorts of accounts, loans, Debit Cards, Credit, Savings, Deposits, Mobile Banking, Financial planning and investments. The only monumental difference is that the people that indulge in the services are the owners,its members operate the entire institution. The objective is amutual aid. People that deposit money are helping other people with loans and the interest that are collected goes to the credit union for further services that the co- operative provides. Tri-County Locations All the branches of the Federal Credit Union are located in California; in three counties to be specific. Santa Cruz, Monterey, and San Benito are the locations that form the term tri-county. Members usually come from the said location as it is a community. All three of the places are beautiful to start with, and the members enjoy services including holiday loans. The location of a business is very critical because it determines the output of the Institute. Because BayFed is a community and the Credit Union, the tri-county
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Transcript of Bayfed
Bay Federal Credit Union Organizations or businesses that recruit members rather than customers prosper more than just the ones that bring in customers. Customers have no obligations to stay connected to the said business, whereas members, actual part-owners of the co-operative will always be there to contribute. This kind of guarantee is what the Bay Federal Credit Union offers and specializes in.
Mutual aid is important in a society; People are helping other people for their benefit as well as their own. Thie is a community that works together to ensure the security and welfare of everyone that’s in the co-operative.
The Objective The BayFed Credit Union is a non-profit, financial community or co-operative that works democratically. Its main purpose is to serve the people involved as well as itself. BayFed specializes in offering services similar to that of a bank, like; All sorts of accounts, loans, Debit Cards, Credit, Savings, Deposits, Mobile Banking, Financial planning and investments.
The only monumental difference is that the people that indulge in the services are the owners,its members operate the entire institution. The objective is amutual aid. People that deposit money are helping other people with loans and the interest that are collected goes to the credit union for further services that the co-operative provides.
Tri-County Locations All the branches of the Federal Credit Union are located in California; in three counties to be specific. Santa Cruz, Monterey, and San Benito are the locations that form the term tri-county. Members usually come from the said location as it is a community. All three of the places are beautiful to start with, and the members enjoy services including holiday loans.
The location of a business is very critical because it determines the output of the Institute. Because BayFed is a community and the Credit Union, the tri-county
location can reach out to hundreds and thousands of people wanting to deposit money or take out loans and services as such. The target market is not just a wealthy person but any ordinary person that needs financial aid or a place to deposit their savings. The whole point of the co-operative is amutualaid, and the tri-county location plays a big role. Because even when people travel and move, the community is still there.
For more information visit http://www.bayfed.net/
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