Trey quotes Williams reponse to customer criticism of the VanCity changeeverything.ca site.
You’re right: banks don’t have a stake in social networking. But Vancity isn’t a bank; it’s a community-based financial institution that is as interested in making our community work as it is in making money. And these days, community is more and more about what happens online, which is why we thought we could play a role in helping use the Net as a tool to support community development in the Lower Mainland and Victoria.
I find it a smart answer. I mean the part about not being a bank, and being interested in community development being somehow connected. VanCity’s ROE may be half that of the chartered banks, by design, due to membership benefits. However that doesn’t give Credit Unions exclusivity to the notion of community development. They may be good at it, but they are not exclusive owners of it.
So well done to Vancity in carving out this space for themselves, and nicely aligning it with their model. But the space is new enough that there is room for banks to enter the space too. The advantages that will come from social networking that aligns with GenY are high stakes.
Bankwatch 
Brilliant points, Colin! Credit unions don’t own the notion of “community development” and they’d be remiss to think they do. I’m keeping my eyes peeled for more entries into this space, because they’re inevitable – and just as Vancity gets it, I’m afraid we’ll be seeing a lot of FIs jumping in without a clue – and boy, will it ever backfire for those who don’t get it!
Re “backfire for those that don’t get it …” Agreed!