The “sharing economy” is a term currently used by millennials and Gen Y’s to describe a more democratised marketplace, a modern and alternative socio-economic system which places sharing and collaboration at its heart.
The distinguishing characteristic of Select Encompass is that it is owned by, and run for, the benefit of its members. Rather than being owned and controlled by outside investors, Select Encompass members are equal owners and from a governance perspective each member has one vote.
Despite the sharing economy being passed off as a new idea, Select Encompass has been a mutually owned banking institution since 1963. A mutually owned banking institution provides members with a secure place to save and a source of reasonably priced credit. Mutuals have a social mission to teach members about the value of regular savings and the wise use of credit. By pooling resources members help themselves and each other achieve economic and social advancement.
In our view, mutuality, where members are customers and equal owners, is the true sharing economy.
Chief Executive Officer
Select Encompass Credit Union