New Branch Expansion, New Market Opportunities
The Lower East Side People’s Federal Credit Union (LESPFCU) is a member-owned, nonprofit financial institution that provides a full range of personal, affordable financial services and reinvests members' money. In essence, it is a bank of, for and by the people. Founded by community activists when commercial banks had abandoned the neighborhood, the Lower East Side People’s Federal Credit Union strives to expand credit access to low-income and immigrant residents of the neighborhood. When LESPFCU assumed operations of the historic Henry Street Settlement Credit Union last year, the credit union enlisted the Capstone team to develop a strategic plan for attracting new members. The Capstone team drew upon research and a competitor’s analysis to identify the credit union’s core competencies. Focus groups tested a product bundle that would appeal to low-income, Latina women. The Capstone team presented recommendations on how to reach this new market and a feasibility study of potential opportunities that would best serve members' needs.
||Lower East Side People’s Federal Credit Union
||Hillary Botein and Sarah Ludwig
||Nicole Carbone, Rachel Eisman, Meeta Kapadia, Kathleen Mullin, Rosalind Ross, Erin Squires, Sara Wheeler-Smith, Alisa Wilson
This Capstone was made possible with support from The Moody’s Foundation.