What keeps me up at night is the proliferation of bank and non-bank competitors for the core business of credit unions, especially for payments and loans and the use of big data to source new business. You know the story. Apple, Google, Paypal, Prosper, Lending Tree, Walmart, Amazon, etc. all want a part of the financial services market and they have the financial tools and market intelligence to beat credit unions at their own game. If we do not quickly and aggressively respond to this growing threat, credit unions will become marginalized.
Posts By: Denise Wymore
It’s time to wrap up 2015 while simultaneously budgeting and planning for 2016. It’s a weird time. So Denise Wymore from 6th Story sat down with some of the brightest minds in the credit union community and asked them to share their thoughts on credit unions, CUSO achievements, missed opportunities for 2015 and what we can look forward to in 2016.
Kirk Kordeleski’s insightful CU Times op-ed “Shared Services: How to Compete and Win” 11/25 speaks to the difficulty credit unions have faced competing in the modern marketplace. He lays out the details of an increasingly-precarious reality for credit unions — one that sees our high fixed-cost business model and relative scale, especially when compared to big banks and fintech startups, as imminent threats to competitiveness.
Read more on Collaboration: Starting with Why…
Each month we highlight at least one NACUSO member by interviewing one of their top executives. It’s an opportunity to tell their story in a casual and fun way. This month we sat down with Sarah Canepa Bang, winner of the 2014 Herb Wegner Individual Achievement Award and Credit Unions for Kids champion.
Everett Credit Union
Started on: October 29, 1926 in Everett, Massachusetts
$45 million in assets
Serving 4,463 members
Read more on NACUSO Spotlight: Barbara Frazier, CEO of Everett CU…